Talisman Sinopec said Tuesday it will lay off 300 workers in the UK, joining the growing group of operators forced to trim staff amid weak oil prices.
The company, co-owned by China’s Sinopec and Alberta-based Talisman Energy, plans to lay off 100 employees and 200 contractors working at its North Sea operations.
UK-based Talisman Sinopec currently employees about 3,000 people.
The company said it has informed its staff and is “supporting them through the process.”
Further details about the lay offs have not been disclosed.
The company will also introduce immediate cuts to its contractor rates, Reuters said.
North Sea operators were already contending with declining reserves and skyrocketing operational costs before oil prices plunged by 60 percent in 2014.
“Our industry is operating in a mature environment, against a backdrop of a declining oil price and ever-increasing operating costs alongside falling production levels, reduction in exploration and asset integrity and maintenance issues,” Talisman Sinopec managing director Paul Warwick said.
Talisman Sinopec said it will continue to monitor its numbers as oil prices hover around six year lows.