Worley Parsons has become the latest victim of poor commodity prices, announcing over 2,000 people will lose their jobs across its operations.

The global mining and engineering firm – Australia’s largest oil services business - says work has dwindled since February, particularly in North America, and it must now take further action to “adjust its business to market conditions”.

The means the firing of thousands of workers and $125 million in related provisions.

The announcement on Monday prompted rampant selling-off of Worley Parsons stock, which dropped 11 per cent immediately after a two-day suspension, before settling 9.9 per cent below its value before the announcement.

The Sydney-based Worley Parsons wants to reduce its “onerous lease costs” in a bid to generate savings of between $75 million and $100 million.

The outfit has endured a horrible two years of write-downs and profit warnings, leading it to sack 4,000 workers last financial year.

Following this, the company was hit by an unexpected crash in energy prices, as major energy companies slash costs and postpone drilling operations around the world.