Offshore services provider Maersk Drilling has confirmed the anticipated layoffs at its global onshore offices, including its headquarters in Denmark.
It says it will make between 150 and 170 staff redundant worldwide.
The company has knocked $75m off its expected income this year, giving it raw earnings of $250m-$300m. It has also set its annual spending at $150m, the lower end of its previous expectations.
CEO Jorn Madsen said: “With the outbreak of COVID-19 and the lower oil prices we are facing an unprecedented reality with significant implications for our business. Our ambition is to remain a leading company in our industry, and in order to safeguard that position we need to adapt our cost structure to the current business environment.
“This means that we need to take steps to reduce the workforce, which is unfortunate, not least in the light of the great efforts by our competent and dedicated employees, also over the past critical months.”