Singapore-based player Keppel plans to continue downsizing its business after cutting over 10,000 jobs last year as it prepares for continued “challenging conditions” for offshore players.
Keppel said on Thursday that its profit in the past year dropped by 49% to S$784 million (US$551 million) from S$1.5 billion in 2015.
This was largely due to lower contributions from offshore & marine (O&M) as well as additional provisions for impairment during the year of S$336 million, mainly arising from rightsizing of Keppel O&M and impairments of investments and work-in-progress, the corporation said.
As
