U.K.-based oil company BP is cutting 4,700 jobs worldwide and a further 3,000 contractor roles as part of a cost-saving drive. In an email to staff on Thursday that has been seen by The Associated Press,

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

UK energy giant BP said it will cut more than 5% of its global workforce, as the company continues a plan to reduce costs as it transitions to more

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 cutting 4,700 positions internally and 3,000 contractor jobs, Chief Executive Officer Murray Auchincloss told staff on Thursday, as the London-based energy giant seeks to reduce costs.

BP will cut over 5% of its global workforce as part of a strategy to reduce costs and rebuild investor confidence. CEO Murray Auchincloss aims to simplify operations and boost returns following the resignation of his predecessor.

BP ( BP) will eliminate 4,700 positions internally, ~5% of its workforce, and more than 3,000 contractor jobs, with more cost-cutting efforts planned for this year and beyond, the CEO said. The job cuts follow reviews of all of BP's ( BP) divisions, although the exact breakdown of the cuts was not disclosed.

The oil giant, which announced the cuts in a staff memo, has about 90,000 workers globally and 14,000 in the UK.

BP is set to reduce over 5% of its global workforce, impacting 4,700 employees and 3,000 contractor roles. The cost-cutting initiative aims to save at least $2 billion by 2026 and restore investor confidence following the abrupt resignation of former CEO Bernard Looney.

BP announced on Thursday that it will cut around 4,700 staff, or over 5% of its total workforce, as part of CEO Murray Auchincloss' efforts to reduce costs. BP told staff that 3,000 contractor positions will also be cut,