MALAYSIA'S Sapura Energy is slashing its global full-time workforce by 20% as part of a raft of cost-cutting measures designed to counter poor oil market conditions brought about by the Covid-19 pandemic. The Kuala Lumpur-based contractor has identified 136 cost-saving measures to right-size the company, which follow on from swingeing salary cuts for top executives announced earlier this year. "With a heavy heart, we would like to inform you that we are currently meeting several colleagues, at every job level, to discuss their departure from the company," Sapura chief executive Shahril Shamsuddin said in an email sent to employees on 25 June. Sapura currently employs more than 10,000 people, of which 4000 are full-time. Of those losing their jobs, 63% are on contract with the remainder being permanent employees. Even those not losing their jobs are not immune from Sapura's right-sizing exercise, which could translate to a smaller pay packet. "We will be announcing other voluntary measures to enable flexible work arrangements for those remaining in the company, including reduced workweek, permanent work-from-home and sabbaticals," added Shahril.
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