Odfjell Drilling said it will reduce its headcount by 200 positions.
The company said the move comes after it lost a number of contracts.
It is not yet known where the cuts are most likely to affect but it’s understood Norway will feel the biggest loss.
In the past two years, Odfjell has downsized by about 900 employees.
Chief executive Simen Lieungh has previously said he expects the decline in oil price to continue for a “while longer” and does not expect it to “turn around” quickly.