Otto Marine slashes staff and payroll

Otto Marine slashes staff and payroll

Singapore: Offshore builder and operator Otto Marine has slashed its staff by 30% as it undergoes restructuring.

Speaking with local newspaper The Straits Times the firm’s ceo Michael See said 30 staff have been let go while the majority of the remaining staff have accepted a pay cut of an average of 15%.

See, who took on the ceo role this April, admitted the rest of this year would be challenging.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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