Jersey-based UK oil firm Petrofac is warning of job losses, roughly 8.5% of its 1,900 staff, against a “challenging industry backdrop”.

"We’re constantly looking for ways to make our business as cost-efficient and delivery-focused as possible,” a spokesman. for Petrofac was quoted as saying “Integration of our UK services will deliver a streamlined and effective business which is designed to ensure we remain competitive and sustainable against a challenging industry backdrop.

"We're making every effort to minimise the impact on our 1,900 UK employees. Under our current proposals the positions potentially at risk represent less than 10% of our entire UK population and will be spread across our operating centres."

The firm is only the latest in a long line of companies to become unprofitable in an 11-year-low for oil prices, with both Havila Shipping in Norway and Polarcus in Dubai announcing major financial restructuring drastically reducing their commitments in the coming few years. Oil is currently trading at close to $30 a barrel.