BP Plc is eliminating 4 700 positions internally, about 5% of its workforce, and more than 3 000 contractor jobs, Chief Executive Officer Murray Auchincloss told staff on Thursday, as the London-based energy giant seeks to reduce costs.

British energy giant BP on Thursday said it would axe 4,700 staff jobs, or about five percent of its workforce, and is cutting thousands of contractor roles to reduce costs.

British energy giant BP announced Thursday that it would slash 4,700 staff jobs, or 5% of its workforce, and cut thousands of contractor roles to

BP is cutting 4,700 jobs – around 5% of its global workforce – in a bid to curb costs and boost investor confidence.

BP is planning to cut more than 5% of its 90,000-strong workforce as part of a cost-cutting drive. The British oil giant told employees in a memo Thursday that it would slash around 4,700 jobs this year.

BP is cutting 4,700 jobs and 3,000 contractor roles as part of a drive to "simplify and focus" the oil giant, it said on Thursday.