Maersk Oil is set to make further job losses in Denmark, Norway and Scotland as it looks to reduce its costs.
The company said around 40 positions will be affected by the move which come despite significant financial reductions over the last 18 months.
Roles in Copehnagen, Stavanger and Aberdeen will go as a result of the decision.
Chief executive Jakob Thomasen said the move was “deeply regrettable” but “necessary” in the low oil price environment.
He said: “Today’s changes are necessary to ensure our organisation reflects the current market and aligns our costs to our activities. We must continue to balance the realities of the tough market conditions with the growth agenda for Maersk Oil.”
Maersk Oil has already reduced its exploration activities over the past 12 months to focus further on merger and acquisition opportunities.
The company reported 65% lower exploration costs of $57million in the first quarter of the year compared with $162million for 2015.
Recommended for you
