Island Offshore said it has made up to 330 job losses from the company.
The company said in a statement the low oil price has forced it to make the staff cuts.
At the moment, 12 of the firm’s 28 vessels are without jobs.
The rest of the fleet of 16 vessels still have contracts.
Managing director Havard Ulstein said the sport market rates are currently so low there is limited money to be made.
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