The oil and gas industry has shed 233,000 jobs this year, according to Swift Worldwide Resources.
The firm said that number will rise to more than 250,000 by the end of the year and will increase again next year if the oil price continues to skims $45.
The sector has cut 25,000 jobs worldwide in the past two months alone.
The price of crude began a dramatic drop this time last year before recovering slightly in the spring.
However, the price soon sunk to close to $40 in July.
Jobs losses have been confirmed in dozens of North Sea firms. Shell, BP, Wood Group and Expro were all forced to cut their numbers.
KCA Deutag was the latest firm to issue a warning. A total of 69 jobs are at risk.
