Subsea 7, an Oslo-listed offshore contractor and shipowner, has revealed deep cuts to its workforce and fleet to tackle the offshore slump.

The Kristian Siem-chaired company said that with clients cutting back budgets due to the oil price crash and the Covid-19 pandemic, it needs to save $400m per year from the second quarter of 2021.

The company is planning to axe 3,000 staff from its global total of 12,000 by the end of March next year.