April 27 Weir Group Plc, a maker of
pipes and valves for energy and mining industries, said
like-for-like order input for its oil and gas unit rose 50
percent in the first quarter, helped by increased drilling
activity in North America.
Original equipment orders rose 56 percent on a like-for-like
basis in its first quarter ended April 26, while aftermarket
orders rose 48 percent. Order input for its minerals unit also
rose 10 percent.
Oil companies have had to adjust to lower prices after crude
prices tumbled from a peak of over $100 a barrel in 2014 but a
recent uptick above $50 a barrel has spurred output,
especially in the United States.
Drillers added oil rigs for a 14th week in a row, extending
an 11-month recovery that is expected to boost U.S. shale
production in May in the biggest monthly increase in more than
two years, energy services firm Baker Hughes Inc said on
(Reporting by Sanjeeban Sarkar in Bengaluru; Editing by Amrutha