Brazil’s Petrobras plans to launch a voluntary layoff program to cut an estimated 12,000 jobs as part of the company’s initiatives to save up to 33 billion reais (US$9.20 billion) by 2020, according to Reuters.
The program will cost 4.4 billion reais and will be open to all employees. Planned redundancies will also help adjust the size of its workforce. Under the plan, employees will be offered between around 212,000 reais and 706,000 reais to take redundancy.
In March, Petrobras posted its largest quarterly loss ever due to the plunge in oil prices, which reduced the value of the company’s oilfield and rig assets, according to various media outlets. In a securities filing, Petrobras reported a consolidated fourth-quarter net loss of 36.9 billion reais (US$10.2 billion). The shortfall equated to a 48% increase compared to the company’s fourth-quarter 2014 results.