Oil service provider Plexus said it did not expect its business to be hit by weak oil prices this year or beyond as it sees continued demand for its niche equipment.
The Aberdeen-based supplier of oil and gas drilling technology said it expected the sharp decline in oil prices to be temporary and that long-term investments in the sector would sustain demand for Plexus’ services.
Plexus chairman Jeffrey Thrall spoke to the AIM listed firm’s investors at its AGM yesterday.
He said: “Although we are, of course, taking these global dynamics very seriously, I must stress that we currently remain confident for this year and beyond.”
Oil companies such as Shell, BP, ConocoPhilips and others have already announced spending cuts on the back of the steep drop in oil price.
Mr Thrall also said that the shale sector is expected to take the biggest hit from weak oil prices, an area the company is not currently involved in.
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