Weir, a global industrial engineering firm, said orders from its oil and gas business fell 23 per cent in the first quarter and it expects the decline to continue into the second quarter.

The company said it was planning another £10 million ($15.35 million) in cost reductions from its oil and gas segment.

Weir said first-quarter revenue on a constant currency basis fell, in line with the 9 per cent decline in order input. - Reuters