Dolphin Drilling will cut more than 150 jobs in a fresh round of redundancies, the company has confirmed.
The move will affect 140 offshore staff and an additional 25 on land.
According to reports the decision has been taken as the company looks to streamline costs amid the continued oil price decline.
Earlier this week, Dolphin drilling said it had received a suspension notice from Statoil for the Bideford Dolphin rig.
The rig will be suspended upon completion of the current well which is estimated to be later this month.
The work is expected to resume by the beginning of October this year.