Keppel closes three yards and cuts 2,620 more staff

Keppel closes three yards and cuts 2,620 more staff

Singapore’s Keppel Offshore & Marine has revealed in its full year results that it is in the process of closing three of its yard in Singapore, while it has already mothballed two overseas yards.

It was not revealed which three yards would be closing, while the overseas yards mothballed are in Indonesia and Brazil.

As well as reducing its yard capacity, Keppel also said it had reduced its headcount by an additional 2,620 workers, an 11% reduction. Additionally, subcontract headcount was reduced by a further 3,300.

For the full year, Keppel said it had cut a total of 10,600 staff (35%) on its way to posting a full year profit of just S$29m ($20.4m). The result was affected by an impairment of S$227m ($159.9m).

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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1 Comment

  1. Joe.W
    February 1, 2017 at 8:25 am

    Wow only U$D20mill profit … better send them some cash huh?
    Ahhhhhhhhhhh wait a minute … is that ‘profit’ after the management has taken out huge ‘salaries’ …