Engineering company Technip has warned 6,000 jobs could be under threat as a result of the slowdown in the oil and gas industry.
The firm, which employs 38,000 people across 48 countries, has launched a major restructuring plan and has accelerated cost-cutting measures.
Chairman and chief executive Thierry Pilenko warned there will be "tough consequences for employees across the group".
Technip has set out to make targeted savings of 830 million euro - almost £590 million - over 2016 and 2017.
The company says it is looking to reduce its presence in some onshore and offshore markets "where profitable business is unlikely even in the medium-term, including selected countries in Europe, Asia and Latin America, including Brazil".
It said the restructuring plan will see its global workforce cut by about 6,000, while its asset base will be optimised.
It also warned of cost reductions "in those markets where new project awards are under pressure (for example the North Sea)".
Mr Pilenko said: "The slowdown in the oil and gas industry is prolonged and harsh. Therefore we have decided to accelerate our cost reduction and efficiency measures - which I know will have tough consequences for employees across the group."
Technip describes itself as being a "world leader in project management, engineering and construction for the energy industry".
Mr Pilenko added: "Technip has built its leadership on sustained investment in key technologies and assets, to create a business with a breadth of skills and know-how.
"The launch of the plan today, together with our recent initiatives, such as our Forsys Subsea joint venture, shows our determination to maintain this strategy, which is based on a long-term vision of how Technip can be best positioned to deliver our industry's needs, to reduce project costs and continue to create value."
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