The move, spearheaded by Chief Executive Officer Wael Sawan, aims to optimize costs and position the company more competitively against its US counterparts.

These organizational changes underscore Sawan's commitment to driving the company's focus toward higher-margin ventures, maintaining stable oil output, and expanding natural gas production.

The oil giant Royal Dutch Shell is to cut 330 jobs from its operations in the North Sea.

More than 150 workers at Bilfinger UK could face the axe as the company confirmed it has begun redundancy consultation for staff currently on the Covid-19 furlough scheme

Drilling contractor Archer has confirmed it is to cut between 600 and 750 jobs globally as a result of the oil price crash and Covid-19 pandemic

Offshore drilling company Maersk Drilling has announced a new wave of layoffs and has revised its financial guidance for 2020

The layoffs are effective immediately, a Halliburton spokesperson confirmed

Oil services company TechnipFMC confirms plans to slash job in the UK and Norway

More than 500 Bilfinger Salamis jobs are at risk as the company starts staff consultation

Drilling firm Valaris has announced plans to axe over 330 jobs slashing hundreds of drilling positions across the company’s fleet