Fugro has said it will cut up to 600 jobs in the coming quarters as oil and gas clients delay contract awards and exploration budgets continue to shrink.
The marine engineer company has reported revenues of $502.6million, while its backlog of orders for the coming year is also down by 22.3%.
Staffing numbers were 1,664 workers lower in the first quart compared to year ago.
The company also plans to retire several vessels in its fleet, with further cuts planned if new work has not been identified.
Larger rival firm Boskalis has been building a stake in Fugro and now owns more than a quarter of its shares.
Chief executive Paul van Riel said:”During the past months, our clients’ exploration and production budgets again declined significantly,” Chief Executive Paul van Riel said in a statement, as they anticipated “strong revenues decline and severe margin pressure.”