Daewoo Shipbuilding & Marine Engineering Co., the world’s second-largest shipbuilder, plans to eliminate 3,000 jobs, or 24 percent of its workforce, this year as part of a restructuring plan to improve its financials.

Daewoo is receiving applications for a voluntary retirement program until Oct. 21, the Geoje, South Korea-based company said an e-mailed statement Wednesday. The company had 12,699 employees on its payroll at the end of June. Including contract workers, the company employs about 40,000 people.

Daewoo Shipbuilding, Hyundai Heavy Industries Co. and Samsung Heavy Industries Co., the world’s three biggest shipyards based in South Korea, are all reducing capacity, cutting jobs and selling assets amid a plunge in orders for offshore drilling units and ships. The shipyards posted losses last year and are struggling with mounting debt after a slide in oil prices prompted oil companies to slash spending and cancel or postpone projects…….more here