London-listed oilfield services player Petrofac has unveiled a raft of cost-cutting measures to address the effects of the oil price crash and coronavirus pandemic, which include taking an axe to about 20% of its workforce.

Petrofac said it will cut overhead and project support (OPS) costs by about $300 million in 2020 and 2021, slash capital spending by 40% and suspend its final 2019 dividend.

OPS costs are expected to drop by at least $100 million this year and by up to $200 million in 2021.