Norwegian engineering group Aker Solutions said it will continue to cut costs in 2010 as oil and gas producers reduce capex spending.

Aker chief executive Simen Lieungh said there is “more optimism regarding the market going forward than there was half a year ago”, reports Reuters.

“We will make our processes more efficient and we may reduce our capacity further if we see markets drop further, while last year’s cost cuts were completed as planned,” he told Reuters.