The current oil crisis is definitely one of the worst the world had seen in many decades. Oil price free-fall from more than $100 per barrel late 2014 to less than $30 a barrel during the start of 2016 in what is described by many as a year of annus horribilis!
The downturn in the industry had resulted in widespread retrenchments. Even the usually resilient Keppel had recently announced to slash more than 6000 direct staffs in the O&M division. Over the last few months, I also heard so many ex-colleagues/friends being shown the exit door.
Our company is not spared
The company I work for is not spared. Although our core business is not in O&G, a big part of the revenue is still derived from this important sector. Retrenchment announcements began last year affecting the Western Hemisphere. Despite our company’s extremely strong balance sheet and not a public …