Keppel Offshore & Marine has laid off more than 3,000 workers in the third quarter as it posted a smaller profit.
The Singapore-listed company said its pre-tax earnings for the period came to SGD 22m ($15.8m), which was lower by SGD 184m compared to the corresponding quarter of 2015.
To achieve this number, Keppel continued its job reduction programme and chopped its workforce by 3,080 between July and September.
This means the company has axed 8,000 employees so far this year, or around 26%.
Keppel’s directors have also voluntarily taken a reduction in their monthly salary.
The company’s revenue in the third quarter sat at SGD 516m, against SGD 1.41bn a year earlier.
Keppel, which has already taken a provision of SGD 230m ($165.5m) in respect of Brazil’s Sete contracts, is looking for new opportunities in the LNG market.
“The use of LNG as an alternative marine fuel is on the rise as a result of emissions reduction goals set by the IMO and UN climate change conference,” Keppel said.
“Keppel is well-positioned to capture opportunities across the value chain in the growing gas market.”
