McDermott International has reduced its headcount by almost 1,700 as a result of losses in its first quarter.
The Houston-based company suffered a loss of $14.5million in the first few months of the year.
McDermott said its revenues of more than $550million was down by $53.3million from the first quarter of 2014.
A spokesman said McDermott has decreased its employee count by 475 positions, with an additional 1,200 positions also being reduced.
The announcement comes just one day after Subsea 7 revealed it would be making headcoutn reductions in a bid to streamline costs.