BW Offshore said it will be reducing its onshore headcount by 35% as it looks to make cost savings amid the low oil price.
The company said the move will be implemented from next month, saving an estimated $30million off its annual costs.
A provision is expected to be booked in the first quarter of this year to cover costs related to the job losses.
A spokesman for the company said:“Macro conditions for the offshore industry have continued to deteriorate over the past months and BWO expects reduction in industry capital expenditure to continue.
“The FPSO industry is equally affected and the situation does not seem likely to change in the short term.”
