Keppel Sees More Job Cuts After Profit Falls 38% on Weak Oil
- Offshore business cut 26% of workforce through September
- ‘Rightsizing’ of offshore business to continue, Keppel says
This article is for subscribers only.
Keppel Corp., which has already eliminated more than a quarter of its workforce this year, said “painful measures” and job cuts will continue as profit at the world’s biggest oil-rig builder drops.
Senior managers at the Singapore-based company have taken a cut in their monthly pay and directors will propose lower fees, Keppel said in a stock exchange statement Thursday. Keppel, which also builds properties, slashed workforce at its offshore and marine business by 26 percent, or about 8,000 jobs, in the nine months through September.