Keppel Corp., the world’s biggest oil rig builder that eliminated more than 10,000 jobs last year, said even a doubling of crude prices is failing to offer relief to an industry slammed by overcapacity as it braced for a prolonged slowdown.
While OPEC’s recent decision to cut output renewed optimism, with spending by some oil majors expected to increase, a quick recovery isn’t in sight, Chief Executive Officer Loh Chin Hua said. The company, which reported a 65 percent drop in net income last quarter, said it is closing some yards and signaled additional job cuts as part of efforts to pare costs.
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