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Image courtesy of Harald Pettersen/Statoil.

Norway’s Statoil will be eliminating another 500 jobs in an effort to cut costs and boost efficiency.

The newly announced cuts come on the heels of recent reports that Statoil could be laying off or shifting as many as 1,400 employees.

The new round of job cuts is expected to affect offshore workers, Energy Voice said.

The company has reportedly started layoff negotiations with employee groups.

Statoil did not comment on its plan to reduce staffing.

The company’s profits fell by 12 percent in July as output dipped due to maintenance work and asset sales.

Statoil has been slashing capital spending, shelving projects and reducing output targets this year in an effort to stem costs and increase dividends.

The cutbacks have reverberated throughout the Norwegian energy sector, triggering layoffs at services and engineering firms operating in the country.

Last month, Norway-based services company Aker Solutions cut 250 jobs while Bermuda-based North Atlantic Drilling reportedly prepared to slash 250 positions as both companies were hit by Statoil’s cutbacks.