Bethlehem Singapore Pte. Ltd. will lay off all 500 of its shipyard workers at the end of December because of lack of business.
Bethlehem Singapore, 70% owned by Bethlehem Steel of the United States and 30% by the Development Bank of Singapore, has operated in Singapore since 1971.
The shipyard, which has built rigs for the offshore oil industry, recently completed a seven-story floating luxury hotel for $20 million and shipped it to Australia on Dec. 21.
All workers were given one-month notice of termination Dec. 1 "owing to a prolonged and continuing adverse economic environment."