Engineering firm Subsea 7 has revealed plans to cut 430 jobs in the UK by early next year.

The majority are expected to go in Aberdeen, although workers in Glasgow and London could also be affected.

The company intends to shed 1200 jobs globally by 2017 in a bid to save more than £240m.

Subsea 7 cut more than 400 jobs in the UK during 2015.

Five vessels in its fleet will also be mothballed or have their contracts cancelled by early 2017.

UK and Canada vice-president Phil Simons said: "Today's difficult decision is a regrettable consequence of the prolonged and challenging environment the oil and gas supply chain is now experiencing, particularly in the north east of Scotland.

"Unfortunately, the rapid decline in project awards, increased cost pressures and market unpredictability necessitates further streamlining of our structure and processes to protect our business and the skilled services we provide.

"I understand the dramatic impact these changes will have on our workforce and their families. Every effort will be made to limit the number of compulsory redundancies."

Kevin Forbes, managing director of Aberdeen-based jobs website Oil and Gas People added: "This is another huge blow to Aberdeen but it has become essential for companies to restructure and reduce their cost base.

"Despite this bad news, overall we are seeing some small signs of the market starting to recover as companies adjust to the new lower oil price."