Singapore’s Keppel Offshore & Marine has revealed in its latest quarterly results that it has cut 4,900 workers from its books in the the first half of 2016. It also let go a further 670 subcontractors.
Since the company began downsizing staff at the beginning of 2015, it has reduced its global workforce by close to 11,000, and around 8,600 of its subcontract workforce in Singapore have also been let go.
Keppel continues to struggle for new orders as the offshore sector continues to hurt, and has only booked contracts worth around S$460m ($339.4m) so far this year.
Pre-tax profit for Keppel Offshore & Marine Division dropped 61% to S$88m ($65m) dragging down the overall result for Keppel Corporation.