The proposed cost reduction program is in response to tough business and economic conditions in the oil and gas market as producers cut spending amid a significant drop in oil prices.
Subsea 7 will reduce its fleet size by up to 11, based on a combination of non-renewal of charter vessels and either disposal or stacking of owned vessels.
As of 2014-end, the company had workforce of around 13,000 and a fleet of 39 vessels with additional five under construction.
Subsea 7 CEO Jean Cahuzac said: "These cost reduction plans will allow us not only to adapt to present market challenges but also to maintain our competitiveness and the long-term viability of our business.
"This will enable us to emerge stronger once the downturn ends. Reducing employment is not a decision we take lightly but one that is necessary in today’s difficult oil and gas environment."
The company considers deepwater oil and gas production as a significant market with long-term growth potential.
Subsea 7 will continue to invest in key technologies, to deliver cost-effective solutions to its clients through all stages of the oil price cycle, Cahuzac added.
