The offshore support vessel (OSV) slump has led Maersk Supply Service to cut costs with redundancies.

The Danish owner said it was laying off 55 staff in a bid to reduce its onshore payroll as the oil price crash and the coronavirus pandemic devastates spot markets in the North Sea.

The redundancies will cut expenses by 30%.

They will take place globally this month and the majority of posts will be lost at headquarters in Lyngby, Denmark.