Keppel Offshore closes three shipyards

The move follows after challenging conditions of offshore business. The company recorded a 65 percent decline in profit in the fourth quarter of 2016, and a 22 percent decline in sales in the fourth quarter of 2016.

ÔÇ£We are thus prepared for the challenging conditions in the offshore business to remain for some timeÔÇØ, said Loh Chi Hua, Chief Executive Officer of Keppel Corp.

The company has reduced its workforce considerably and reducing yard cutting capacity to manage the business.