2,800 jobs cut at Keppel since the start of 2016
The firm aims to diversify its business while trying to ride out the energy market downturn.
Keppel Corporation – Keppel Offshore & Marine’s parent company – has revealed that it has been trimming its headcounts.
According to Channel NewsAsia, staff worldwide have been reduced by 9.4% since the beginning of 2016.
This translated to approximately 2,800 positions slashed.
Presently, the organisation is working towards diversifying its business while trying to ride out the energy market downturn.
"We're looking at some non-oil and gas related projects where we are able to use our offshore technology," Chow Yew Yuen, CEO of Keppel Offshore & Marine, said in the report.
"That'll include power projects, desalination. So we'll look for alternate projects where we'll get to use our technology for jack-ups, for semis, for floaters and so on.”
He added that the move was an attempt to keep Keppel profitable amid the weak oil market.
Oil prices have been reported to hit historic lows in 2016 in the face of massive oversupply, with the US benchmark West Texas Intermediate trading at US$26.05 and European benchmark Brent seeing US$27.10.