Weir Group culls hundreds of US jobs amid concerns over oil profits
Engineer Weir has warned over profits in its oil and gas division and revealed a fifth of its US workforce has been axed as it battles against tough trading in America.
weir group
Scottish firm inks MoU with Azerbaijan state oil institution
Scottish firm Weir Oil and Gas has announced it has signed a Memorandum of Understanding (MoU) with Azerbaijan State Oil and Industry University (ASOIU).
Profits up 22% in ‘transformational’ 2018 for Weir Group
Scottish engineering firm Weir Group enjoyed a 22% increase in profits in a "transformational" 2018.
Weir agrees sale of flow control division for £275m
Weir Group will sell its flow control division to private-equity investment firm First Reserve for £275 million.
Oil and gas orders up 10% at Weir Group
Scottish engineering firm Weir Group reported a 10% increase in orders for its oil and gas division in the third quarter.
Weir Group bolstered by uptick in oil and gas orders
An increase in orders from oil and gas clients steered Scottish engineering firm Weir Group to a strong first half of 2018.
OGIC investment in new technology hits £3.8m
Investment in new technology development by the Oil and Gas Innovation Centre (OGIC) has hit £3.8 million after the Aberdeen-based facility signed its 75th project.
Weir completes £900m Esco acquisition
Scottish engineering firm Weir Group said today that it had completed the £900 million acquisition of US mining tools firm Esco Corporation.
Weir in £900m takeover of US mining tools firm
Scottish engineering firm Weir Group plans to buy US mining tools firm Esco Corporation for about £900million.
Weir profits rocket thanks to North America turnaround
Scottish engineering firm Weir Group enjoyed a 47% increase in pre-tax profits thanks to an improved showing from its oil and gas business.
Weir Group in board reshuffle
The Weir Group today confirmed non-executive directors John Mogford and Alan Ferguson will retire from the board after the company annual general meeting in April 2018.
Scottish firms Aberdeen Asset Management and Weir Group named in Paradise Papers
The offshore operations of some of Scotland’s biggest firms, including north-based Aberdeen Asset Management, have been detailed in the so-called Paradise Papers.
Weir Group boosted by influx of oil and gas orders
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.
Weir Oil & Gas acquires KOP in multi-million deal
Weir Group's oil and gas business has bought KOP Surface Products for $114million.
North America boost for Weir
Scottish engineer Weir Group said yesterday its half-year profits were up after a “great set of results” from its oil and gas division in North America.
Weir Group snaps up Singapore rival for £89m
Scottish engineering firm Weir Group’s oil and gas division has clinched an £89million deal to buy a Singapore-headquartered wellhead technologies specialist.
Weir lifted by signs of oil and gas recovery
Scottish engineer Weir Group said today it returned to growth during the final quarter of 2016, boosted by a recovery in oil and gas markets.
Gallery: Shareholder revolts over executive pay
OK, so there were not a huge number of shareholder revolts over directors’ pay this year. There rarely are, especially if you are limiting yourself to one sector. But one group of shareholders caused a real shock when they took exception to a planned pay rise for an oil major’s chief executive.
Weir wins KOC wellhead contract
Weir Oil & Gas has won a contract worth around $12million with Kuwait Oil Company (KOC).
Weir Group names new CFO
Weir Group has appointed John Heasley as its chief financial officer with immediate effect.
Weir Group boss to step down, company suffers 25% drop in profits
The chief executive of pipe and valve maker Weir Group will step down from his role with the company.
Weir Group’s COO steps down
Weir Group today confirmed its chief operating officer has stepped down to spend more time with his family.
OTC 2016: Weir, Rolls-Royce launch new company
Weir Oil & Gas has joined forces with Rolls-Royce to launch a new firm dubbed EPIX.
Weir forced into U-turn on directors’ pay after shareholder backlash
Struggling Scottish engineering firm Weir Group was forced to do a U-turn over directors' pay following a shareholders’ revolt at yesterday’s annual general meeting. In a resounding defeat, the company’s executive remuneration policy was voted down by 73% of shareholders, despite chief executive Keith Cochrane taking a pay cut of more than a quarter, leaving him with just over £1milllion. Their objection was linked to the proposed introduction of share options for executives which will pay out regardless of the company's performance, a rarity in UK boardrooms.
Weir finds some positives in minerals but oil and gas toils
Scottish engineering firm Weir Group PLC on Thursday said trading in the first quarter was slightly ahead of its expectations, boosted by cost cutting and a resilient performance from its minerals arm.