Global energy company ExxonMobil has announced that it will cut its workforce in Singapore as part of efforts to recover from the impact of the pandemic and to remain competitive in the future.
The firm anticipates that some 300 positions will be affected by the end of 2021. The positions to be affected represent 7% of the company’s more than 4,000 workers in Singapore.
Unprecedented market conditions resulting from the pandemic accelerated ongoing reorganisation and work-process changes that will improve the company’s long-term cost competitiveness and ability to manage through near-term challenges.
Geraldine Chin, chairman and managing director, ExxonMobil Asia Pacific Pte Ltd, said: “This is a difficult but necessary step to improve our company’s competitiveness and strengthen the foundation of our business for future success.
“We are providing transitional support to our colleagues who are impacted and are focused on getting through this challenging time.”
Despite the job cuts, Singapore continues to be a strategic location for ExxonMobil, the company has confirmed.