South Korea’s Daewoo Shipbuilding & Marine Engineering will lower 12,000 jobs from its workforce by 2019 because it tries to revive its enterprise following a crash in oil costs and extreme downturn within the offshore oil and gasoline sector.

“We are planning to reduce the number of employees to a similar level to 2009 and 2010 when management efficiency was the highest,” DSME CEO Jung Sung-leep mentioned in a press convention on the agency’s headquarters in Seoul, the Korean Herald reports.

DSME’s present workforce is about 42,000. 

The shipbuilder mentioned the job cuts will happen progressively over the following few years, versus a radical slash in headcount, the Herald reported.

Earlier this week DSME, the world’s second-biggest shipbuilder, posted a document loss totaling $4.3 billion in 2015 because it wrote down extra expenses from offshore tasks below development.

A crash in oil costs over the previous 18 months has triggered DSME clients significantly inside the offshore oil and gasoline sector to cancel or postpone orders.