By MarEx 2015-09-30 12:31:33
Shell is cutting more than 1,300 upstream employees in Malaysian over the next two years. The multinational oil and gas company said the move is part of its strategic transformation program, which is aimed at improving efficiency. Its current Malaysian workforce is about 6,500.
Shell has made additional cuts around the world this year due to the downturn in industry, which has forced the overall industry to restructure assets and workforce. In July, Shell also announced job cuts of 6,500 globally.
Shell’s revenues fell by 33 percent in the first half of the year compared to the same period in 2014. And its upstream business has taken the brunt of the losses as profits tumbled to $774 million, down nearly 80 percent from last year. The company’s oil production has also fallen by 11 percent.