SUBSEA 7 has announced it plans to cut 3,000 jobs over the next year.
The cuts will affect about 2,000 “non-permanent” workers and 1,000 full-time staff and should be completed by the end of Q2 next year.
Subsea 7 employs 12,000 people worldwide, including about 1,000 in north-east Scotland.
The Luxembourg-registered company also said its fleet of 32 vessels would be reduced by up to 10 vessels over the next year.
The energy service firm said the cost reduction measures are expected to deliver savings of approximately $400 million.
John Evans, chief executive officer said: “Faced with a significant deterioration in the oil and gas market, we are taking swift and decisive action to address the elements under our control.
“These measures to reduce our cost base will help preserve cash and protect our balance sheet strength, while maintaining our strong competitive position in core markets.”