StockMarketWire.com - Engineering company Weir said it was continuing to explore exit options for its oil and gas division, which had been hit hard by the Covid-19 crisis.

Orders in the mineral division, meanwhile, had remained stable in the second quarter, with margins in a normal range.

Weir said the oil and gas division had seen a 'significant step-down' in North American activity levels in the three months through June.

'Cost mitigation actions have been successfully executed and we continue to expect the division to be cash generative for the full year,' Weir said.

'The group is continuing to explore options to maximise value from the division at the right time.'

In minerals, aftermarket orders in the second quarter had been similar to the first in absolute terms, despite the impact of Covid-19 restrictions.

Year-on-year comparisons would be impacted by a particularly strong second quarter in 2019, which was an all-time record.

Separately, Wier also announced that it had refinanced a S$950m revolving credit facility and £200m term loan, extending maturities to 2023 and 2022, respectively.




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