´óÏó´«Ã½

Oil services company Wood Group is looking to cut about 300 jobs.

The company is starting a consultation process with 1,000 of its onshore employees around the UK.

Wood Group said it was in response to "continuing cost and efficiency challenges affecting the oil and gas sector".

David Kemp, Wood Group's chief financial officer, said: "We are streamlining our structure and our processes to reduce costs."

He added: "As ever, our commitment is to act compassionately and sensitively, supporting our people through this consultation process and we will make every effort to minimise the impact on them."

Jake Molloy, of the RMT union, said it was more bad news for the industry, and that 300 posts was significantly higher than the union had estimated.

Wood Group employs about 6,200 people onshore in the UK.

The company announced last week it had won a new $500m (£342.5m) contract to provide services for BP-operated offshore projects in Azerbaijan.