BP will slash over 5% of its global workforce as part of CEO Murray Auchincloss’ efforts to reduce costs and rebuild investor confidence after the energy giant was rocked by scandal, the company said Thursday.

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.

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.

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

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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.

Oil giant BP (BP) is laying off about 5% of its workforce as it looks to bring down costs, CEO Murray Auchincloss told staff in an internal memo Thursday.