Siemens sees high volatility, deferred projects in energy market

1 February 2017

Top European engineering group Siemens is seeing high volatility and caution in power-generation markets due to political uncertainty, it said after reporting a 40 percent drop in quarterly orders in its Power and Gas division.

"We have to fight for every order. Price pressure is intense," Chief Financial Officer Ralf Thomas told a news conference ahead of Siemens' annual shareholder meeting on Wednesday.

Lisa Davis, head of the group's energy business, said there was, however, a stabilising trend and slight recovery in Siemens' oil and gas business.

U.S. drilling activity is on the rise and shale production is forecast to rebound as OPEC has cut supply.

 

Source : in.reuters.com