Maersk Oil has announced that 1,250 employees, representing 10-12 percent of the company’s international workforce, will be laid off due to the collapse in oil prices.

“These are tough decisions for any business, and my first concern is for those who are directly affected by today’s news,” said Jakob Thomasen, the CEO of Maersk Oil.

While consumers have cheered lower prices, oil companies have been forced to implement cutbacks and delay new projects.

Maersk Oil has decided to cut its operation expenses by 20 percent in 2016, resulting in the massive layoffs.

The exact number of employees who will lose their jobs in Denmark is not yet known.