Layoffs in Singapore have hit their highest levels since the global financial crisis, highlighting the adverse impact of sustained low oil prices on the city-state.
A big chunk of the losses have come in marine and offshore industries, areas where Singapore has long dominated. Singapore is a global trading hub for physical oil and 70 percent of the world's jack-up rigs are built there.
Now that oil prices have slumped to multi-year lows, both intentional and local companies are announcing hefty layoffs.
Among global companies hit by the oil crash that have announced job cuts, is Oslo-listed BW Offshore, which builds and operates ships that can produce and store oil offshore.