Engineering services firm EnerMech is set to cut 120 jobs in Aberdeen as part of a 5% cull of its workforce.
The company is cutting 250 jobs across its worldwide operations, as well as shuffling jobs at the top.
Chief Executive Christian Brown is leaving to "pursue other opportunities", and is being replaced by former Weatherford International Chief Operations Officer Charles Davison Jr.
EnerMech had previously been acquired by US-based global asset manager Carlyle Group in a near-half a billion pound deal, though the Press & Journal reports that Carlyle has now exited the business.
It's new majority shareholder is London-based Polus Capital Management.
Read the full story in today's P&J.