Royal IHC said it will reduce its headcount by around 425 permanent and temporary contracts due to the continued decline in oil price.
The subsea services company also said its executive board is being reduced to two members.
It will comprise chief executive Dave Vander Heyde and chief financial officer Arie Vergunst.
A spokesman said:“Economic developments in the markets in which IHC operates continue to be extremely turbulent. As in 2015, the oil price and increasing international competition in particular have led to a significantly lower order intake in the first nine months of 2016 than anticipated.
“IHC has already announced that it expects to remain below the forecast sales budget for the whole of 2016. The associated low level of turnover makes it necessary to drastically cut costs, particularly in support positions within the organization…IHC expects to emerge from this downsizing process as a smaller and healthier company that is once again able to flourish as a leading supplier of maritime equipment.”