Offshore contractor Heerema Marine Contractors (HMC) is to axe 250 jobs worldwide due to the “continuing low oil price”.
The Dutch firm, famed for owning some of the largest maritime cranes, announced the move last night as part of a restructuring bid.
The firm was involved in some of the biggest projects in the history of the North Sea, including the installation of the ill-fated Piper Alpha platform.
In a statement, Heerema said compulsory redundancies would be “unavoidable”.
Historic low investments in the oil and gas industry and an “increasingly competitive market” were cited as reasons for the scale of the downsizing.
Around 200 worldwide office personnel will have their contracts terminated, with an additional 50 fleet personnel affected.
The management has informed the staff of the intended plans.
Unions and stakeholders have also been informed of the proposed cuts.
Frans den Houter, executive board member said that the company “regrets the loss of trusted colleagues”.
He added: “We are deeply sorry to have to consider this restructuring, resulting in a loss of colleagues, who every day put so much passion into their work and have helped in establishing our position as a leading company in the offshore industry.
“We will do our utmost to support them throughout this difficult period and disruption to their lives. At the same time we are convinced that these decisions are crucial for the continuity of HMC.”