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.

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

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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.

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.

BP ( BP) will eliminate 4,700 positions internally, ~5% of its workforce, and more than 3,000 contractor jobs, with more cost-cutting efforts planned for this year and beyond, the CEO said. The job cuts follow reviews of all of BP's ( BP) divisions, although the exact breakdown of the cuts was not disclosed.

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.