ExxonMobil will cut about 300 positions from its Singapore workforce by the end of 2021.
In a statement released on Mar. 2, 2021, ExxonMobil said that this equates to approximately 7 per cent of the company’s more than 4,000 employees in Singapore.
"Unprecedented market conditions"
The international oil and gas company cited "unprecedented market conditions" resulting from the Covid-19 pandemic as the reason for reducing staffing levels.
This move, which Geraldine Chin, Chairman and Managing Director of ExxonMobil Asia Pacific Pte Ltd, called a "difficult but necessary step", aims to improve the company’s long-term cost competitiveness.
An ExxonMobil spokesperson added that transitional support — including counselling and outplacement services— will be provided to affected colleagues to help them get through this difficult time.
The company had also engaged the Ministry of Manpower and union leaders ahead of the announcement.
As the Singapore refinery remains ExxonMobil's largest in the world, Singapore will continue to be a strategic location for the company, with a "world-scale manufacturing complex and a talented workforce".
The company added that it remains committed to providing energy and products essential for society. It will continue managing operations safely and responsibly, including reducing the risks of climate change.
The news comes in the wake of job cuts in other major oil and gas companies — such as Shell and Chevron — in the latter half of 2020.
Top image via ExxonMobil