Noreco Norway has confirmed it will reduce its headcount by half.
The firm, which is a subsidiary of Norwegian Energy Company ASA, said the move was necessary to align the organisation and cost base with the activities going forward.
The news comes on the same day the firm announced a divestment worth £17million (NOK210million).
Staff numbers will be reduced by 50% – from 30 to 15.
A company spokesperson said: “The cost cutting initiatives will result in a minimum of 50 per cent reduction in the G&A monthly run rate compared to the beginning of the year.”
The reduction is in line with earlier announcements to limit capital commitments overall, including exploration activities.