Uncategorized

Keppel Sees More Job Cuts After Profit Slumps 38% on Weak Oil

Keppel Corp., which has already eliminated more than a quarter of its workforce this year, said “painful measures” and job cuts will continue as profit at the world’s biggest oil-rig builder drops.

Senior managers at the Singapore-based company have taken a cut in their monthly pay and directors will propose lower fees, Keppel said in a stock exchange statement Thursday. Keppel, which also builds properties, slashed workforce at its offshore and marine business 26 percent, or about 8,000 jobs, in the nine months through September.

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