Confirming the job losses, the FTSE 100 company said the reduction in its workforce was down to cost cutting measures.

The British oil giant told employees in a memo Thursday that it would slash around 4,700 jobs this year. The company also said it was cutting 3,000 contractor roles and that 2,600 of those contractors had already departed.

U.K.-based oil company is cutting 4,700 jobs worldwide and a further 3,000 contractor roles as part of a cost-saving drive.