UPDATE 2 — Shares of Glasgow-based engineering and mining giant Weir Group fell almost 6% on Tuesday after it said its first-half oil and gas orders fell 27% and its full-year oil and gas operating profit is now expected “to be toward the lower end of its previous £55 million-£95 million range.”

Weir said its total first-half revenue rose about 22% on a constant currency basis to £1.329 billion.

The group’s two mining focused divisions now represent around 75% of its revenues.

Weir Group CEO Jon Stanton said: “The first half of the year progressed largely as we expected it to. 

“We are making good progress in our mining equipment businesses benefiting from our focus on aftermarket-intensive applications, particularly for battery metals including copper, lithium, nickel and cobalt supported by our extensive installed base and global service network. 

“Our pipeline of firm OE quotes has grown significantly year-on-year with encouraging demand for our technology that reduces water and energy consumption.

“While oil and gas markets in North America continued to be challenging compared to the same period last year we saw good demand for our latest innovations. 

“This included our Large Bore Simplified Frac System and our new QEM 5000 frack pump which is well positioned to support the development of future electric frack fleets.

“As we look to the rest of 2019, we continue to anticipate another year of good constant currency revenue and profit growth.”

Credit Suisse analysts wrote in a note to clients: “Bottom line is that we view the guidance message as in line with expectations given increasingly cautious newsflow from the US shale sector already being factored into expectations.”