Songa Offshore said it plans to make up to 200 redundancies as it looks to streamline its costs.
The company, which revealed the move in its first quarter results for the year, said it would affect onshore employees and contractors.
The redundancies are expected to be completed by early next year, with Songa estimating savings of around $30million.
Songa said its total revenue for the first quarter of the year was $137million while earnings were $71million.
During the first quarter the company also completer a comprehensive refinancing.
Chief executive Bjørnar Iversen said the package will help strengthen the company “for years”.
He added:”Songa Offshore has now taken delivery of all four Cat D rigs. Three rigs have commenced drilling operations while the fourth rig, Songa Enabler, is expected to commence its drilling contract in August.
“We are satisfied to see that our fleet continues to deliver safe- and cost efficient operations”.