Singapore’s Sembcorp Marine will cease operations at its shipyard in Tanjong Kling by the end of 2019, or four years earlier than initially planned.
The decision to close the yard comes after the company posted a full year 2018 net loss of S$74 million (US$54 million).
Sembcorp has stated the closure of the Tanjong Kling Yard is estimated to generate cost savings of S$48 million (US$35 million) per annum starting from fiscal year 2020.
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