Teekay Offshore Petroleum said up to 70 positions are to go from the company after a contract with Repsol comes to an end in August.
The company said its Petrojarl Varg vessel is set to go off contract from then and back into circulation.
It said it was continuing to work actively with a number of options for employees.
Repsol has sought government permission to plug eight wells and shut down the Varg field in the North Sea.
A spokeswoman for the company said it was disappointed to be making redundancies but that it “had to adapt” to the changing market conditions.