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.

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.

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,

BP is to cut 4,700 jobs and 3,000 contractor roles, as it seeks to fulfil its plan to make $2 billion (£1.6 billion) in cost-savings by the end of 2026. The jobs represent about 5 per cent of the energy company's global workforce.