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Swiber downplays retrenchment talk

Listed O&M player says just 80 staff leaving the company instead of rumoured 300; it also denies market talk of vessel detained in China

Published Tue, Jul 19, 2016 · 09:50 PM

Singapore

SINGAPORE-LISTED offshore and marine (O&M) group Swiber Holdings downplayed market talk about an ongoing retrenchment exercise at its Singapore headquarters, claiming that just 80 - instead of the said 300 - staff will be let go as part of its cost-restructuring measures from mid-August onwards.

Industry sources told The Business Times that about 30 per cent (or about 300) of Swiber Singapore's staff strengthwill be laid off in the next one to three months.

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