Serious Sembcorp retrenches 8,000 jobs, just like Keppel, PMETs beg for mercy

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Serious Sembcorp retrenches 8,000 jobs, just like Keppel, PMETs beg for mercy

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26-10-2016, 01:30 PM

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Serious Sembcorp retrenches 8,000 jobs, just like Keppel, PMETs beg for mercy

An honorable member of the Coffee Shop Has Just Posted the Following:

SINGAPORE - Singapore's Sembcorp Marine Ltd swung to a loss in the third quarter and the rig builder's revenue was hurt by customers deferring rig deliveries amid a protracted downturn in the oil and natural gas market.

Chief executive Wong Weng Sun also said that the firm had "terminated less efficient sub-contractors and allowed for natural attrition of our employees", resulting in a reduction of about 8,000, The Straits Times reported.

The company posted a net loss of S$21.8 million for the three months ended Sept. 30, compared with a net profit of S$32.1 million a year ago. It said the bottomline was hurt by higher financing costs, share of losses from associates and foreign exchange impact

http://business.asiaone.com/news/sem...3-slashes-jobs

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