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.


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