Singapore’s Keppel Offshore & Marine will be looking at selective job layoffs and early termination of contracts as it moves to further cut the size of its workforce in line with declining orders.
In addition, the company could also reduce its yard capacity.
“In the short term, the painful measures which have kept Keppel O&M profitable despite the sharp drop in revenues and operating profits will have to continue,” said Keppel chief executive Loh Chin Hua.
“Oversupply
