Hercules said it laid off almost 40% of its workforce in 2015, representing 720 jobs for the US drilling contractor.

Meanwhile, Glasgow-based Weir said its planned cut of 125 positions will mainly impact its North American business, following a 23% fall in orders.

Hercules CEO and president John Rynd said in the quarterly that 2015 was shaping up to be a "very challenging year" for its industry in general and the company in particular.

"Demand for jackup rigs remains weak in every region of the world and the market is still scheduled to deliver a significant number of newbuild rigs over the next several years," he said.

"Given this backdrop, we are very pleased to have signed our five year contract on the Hercules 260 which will keep the rig working into 2020 with potential day rate upside.

"We expect continued weakness in rig utilization through the remainder of 2015, or at least until we see a meaningful improvement in commodity prices.

"Additionally, our International Liftboat business continues to suffer low utilization, especially in Nigeria, which we expect to continue through this year.

"In response to these conditions, we have implemented a number of cost saving measures, including cold stacking several rigs, which have made a significant impact on our first quarter results and should show additional benefits in future quarters."