Frank’s International announced Tuesday it will reduce its workforce by 400 to 600 employees.

The company said the decision was based on the downturn in oil prices, which were at a high mark of $114 a barrel last June and have since sunk to below $50.

The layoffs will come in areas where the company’s business has suffered most, the company said in an issued statement. Around the U.S., companies involved in shale drilling and shallow water drilling have sustained the greatest financial setbacks.

The company said it would discuss specific actions, savings and other cost savings during its first quarter earnings call.