THE HAGUE: Dutch oil and gas group SBM Offshore said Thursday it would cut 1,200 jobs worldwide in a bid to slash costs as oil prices plunge.
The group said it hoped to save $40 billion (32 million euros) a year through the workforce reduction which would take place over 2014 and 2015.
The oil sector is currently facing down one of the steepest drops in crude prices in decades. Prices have plunged by 40 percent since June over ample supply despite slack demand.
Major players in the industry were not immune to the development, with BP on Wednesday announcing a major restructuring of its operations.
The British energy giant said it would take a restructuring charge of $1.0 billion to streamline its operations.
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