Shipbuilding firm IHC said on Friday it is reducing its workforce by 425 permanent and temporary jobs, all of which will go in the Netherlands.

The aim is to cut costs and therefore ‘creating added value’ for customers, the Sliedrecht-based company said in a statement. Most of the jobs are in ‘indirect and support positions’.

In particular, IHC said it had been hit by low oil prices, which have stopped customers ordering new ships and other products. Strong international competition is an added problem, the company said.

The company cut around 500 permanent and 1,100 contract jobs some 18 months ago. It now has a workforce of some 2,500, spread across 36 countries.

On Thursday another Dutch shipbuilder, Keppel Velrome, said it was cutting 100 out of 350 jobs in the Netherlands. It too blamed the difficult oil market.