Scottish engineering firm Weir Group said today that strong demand from North American oil and gas customers had helped increase orders by more than fifth in the third quarter of 2017.
Glasgow-headquartered Weir, which makes pumps, wellheads and valves, said oil and gas orders climbed 59% despite more challenging conditions in international markets, marked by a reduction in projects.
Group orders were up by 21% year-on-year.
Weir, which employs about 14,000 people in more than 70 countries and has a number of bases in the north-east of Scotland, said operating profits would be slightly lower due to growth in investment and one-off plant reconfiguration costs.
Group chief executive Jon Stanton said: “Our oil and gas business is fully leveraging its market leadership position in support of higher activity levels among customers.
“While international markets remained challenging the division has accelerated in 2017 as we expected and is well placed to continue to fully capture future opportunities.
“At a group level, we anticipate strong growth in full year constant currency revenues and profits. Minerals profits are expected to be slightly lower than previously indicated while expectations for oil and gas and flow control are unchanged.”
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