Dutch offshore contractor Royal Boskalis Westminster said it will cut 230 jobs in response to low oil prices.
The company has taken the decision following the completion of a study into the costs of its head office organization.
The restructuring, which is expected to be implemented in the coming 18 months, is part of the company's 2017-19 corporate business plan.
Boskalis has carried out the study due to the negative market developments on the company, including low oil price.
The company has already implemented a portion of the fleet rationalization program in 2016 and an impairment charge was taken on the offshore fleet and goodwill.
Boskalis provides services to the customers in the dredging, maritime infrastructure and maritime services sectors.
Focusing on the maritime, coastal and delta regions across the globe, the firm offers services, including construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection.
The firm also provides a range of marine and contracting services for the oil and gas sector and offshore wind industry, as well as salvage solutions.
In addition, the firm has multiple strategic partnerships in harbour towage and terminal services, including KOTUG SMIT Towage, Keppel Smit Towage, Saam Smit Towage and Smit Lamnalco.
Boskalis operates in around 90 countries across six continents, with a fleet of around 900 vessels, floating equipment and 11,700 employees.