Offshore oil and gas services company Subsea 7 has announced it will be cutting up to 430 jobs in the UK.
It is part of its plans to reduce its global workforce of 9,200 to around 8,000 by early 2017.
That’s “in view of continued difficult business and economic conditions in the oil and gas market, a second phase of global resizing and cost reduction measures will begin in 2016”, the firm states.
It is also taking out five ships out of its current active fleet.
The company has started the consultation process with employees and their representatives in the UK and Norway.
CEO Jean Cahuzac said: “The reduction in the size of our workforce is a necessary step to maintain our competitiveness and protect our core offering through the oil price cycle.
“We remain confident in the long term future for deepwater oil and gas production. We are committed to retaining our core capabilities and developing our leading market position through a strategy focused on differentiation delivered by our people, assets and technology.”