Italian oil and gas industry contractor Saipem said Tuesday that it plans to cut 8,800 workers by 2017.
The reductions are part of a restructuring plan that follows more than 900 million euros in writedowns.
The company, which is 43% owned by energy giant ENI, says it has been hit hard by the global collapse in oil prices.
The company revised down its 2015 outlook but said it expected its restructuring plan to save 1.3 billion euros over two years. It said it now expects to post a net loss this year of about 800 million euros.
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