Keppel Corporation Lays Off 8,000 Employees

Keppel Corporation is based in Singapore and is one of the biggest builders of oil rigs in the world.

Due to recent economic conditions, Keppel has been cutting back on staff this year. In the first 9 months of 2016, the company has cut approximately 25% of its marine and offshore workforce. This amount to over 8,000 jobs.

According to the CEO, Loh Chin Hua:

Much of the reduction has so far been through natural attrition. However, we will increasingly also look into early termination of contracts and selective retrenchment in Singapore, in line with the drop in workload. Oversupply remains a key concern in the offshore market

In 2015, Keppel let go of 2015 employees and it looks like the bad times are expected to continue in 2016 and 2017 as well.

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