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.

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

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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.

The company employs 90,000 people worldwide and the internal job cuts represent around 5% of its workforce.

London-based energy firm BP plan to cut its global workforce by just over five per cent, resulting in 4,700 job losses. The oil giant will also remove 3,000 contractor positions, reports Reuters, having seen an internal memo letting staff know of the upcoming changes.

BP Plc is eliminating 4,700 positions internally, about 5 per cent of its workforce, and more than 3,000 contractor jobs, CEO Murray Auchincloss told staff on Thursday, as the London-based energy giant seeks to reduce costs.