Singapore’s Keppel Offshore & Marine has revealed in its results that it has cut a further 3,080 workers from its books in the latest quarter, adding to the 4,900 workers and 670 subcontractors it shed in the first half of 2016.
Keppel stated that around 660 workers in Singapore and a further 2,420 in its overseas yards have lost their jobs. The company says much of the reduction has been through natural attrition but also via early termination of contracts and selective retrenchment.
Prior to this latest cull, the shipbuilder had already downsized its workforce by close to 20,000 workers since the beginning of 2015. It had reduced its global workforce by close to 11,000, and around 8,600 of its subcontract workforce in Singapore have already been let go.
Keppel continues to struggle for new orders as the offshore sector shows no sign of improvement. Year-to-date, the company has only secured new contracts worth around S$500m ($360m).
The offshore and marine division still managed to book a profit of $167m for the quarter, down 69% from 2015.
Meanwhile senior management across all of Keppel Corporation have taken voluntary salary reductions.