DSME's labour union will not oppose pay cuts that are part of the Korean yard's latest KRW 2.9 trillion ($2.6bn) restructuring plan.

The union said it was willing to accept salary reductions for workers and proposed four-way talks to help keep the company operational, the Yonhap news agency reported.

It was reported last week that DSME will have to cut its wage bill by 25% and axe another 1,000 jobs.