Greater ChinaOffshoreShipyards
CIMC Raffles to layoff employees
Offshore builder CIMC Raffles is looking to layoff employees amid the depressed market conditions in the offshore sector.
A source at CIMC Raffles told Splash that the company is planning to layoff employees at its Haiyang yard and Longkou yard, and some employees will not get extensions when their contracts expire this year. The layoff will also include some managers at the company.
CIMC Raffles’s Haiyang and Longkou yards have not received any new orders for the past year.
In February, Splash reported that China Merchants Group and CIMC were in talks to merge their offshore businesses. China Merchants Group is the largest shareholder of CIMC, controlling a 25.54% equity stake in the group.