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.

About two-thirds of these redundancies will affect Subsea 7's temporary employees.