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).