SIEMENS Subsea is planning to cut 52 jobs at its factory in Ulverston.

The firm employs 333 people at its Low Mills Business Park site, manufacturing components for the oil and gas industry.

The company blames the decision on an industry-wide downturn caused by the low oil price, which has been below $50 a barrel for 18 months.

Workers were told about the decision this morning.

A statement from Siemens said: “Due to the continued difficult market conditions, driven by the low oil price and lower than expected customer orders, a global restructure of the Siemens Subsea business is being proposed.

“This would result in a smaller, more efficient organisation, which is appropriately sized for the current market situation.”

Another six jobs are going in Aberdeeen, where Siemens Subsea employs 22 people.

And the German company is planning to close an operation in Kongsberg, Norway, transferring work to other sites, including Ulverston and Aberdeen.

The announcement comes only 15 months after a similar restructuring at Siemens Subsea.

Mike Henry, business manager in Ulverston said: “We are committed to minimising compulsory redundancies and we will invite applications for voluntary redundancy from across the Subsea business.

“We deeply regret the potential impact on our employees.

“If the proposed changes are made, we will provide support and redeployment opportunities wherever possible within the wider Siemens organisation.”

A formal consultation is due to start imminently and redundancies are expected to take effect by the end of January.

The company says that none of the 43 apprentices at Ulverston are at risk.

And it stresses that the job losses are entirely due to the slump in the oil and gas sector and not connected with Brexit.

Ahead of the EU Referendum, Siemens had warned that it would delay investment decisions in the UK if there were a vote to leave.

But following the result, it pledged to continue its investment and underlined its commitment to the Ulverston site.

Siemens has been in Ulverston since 2012 when it acquired Tronic, a firm that had been established for more than 30 years making subsea connectors for electrical and communication systems for the oil and gas industry.

Barrow and Furness MP, John Woodcock, said: “This is sad news for the employees affected. It is vital that everything possible is done to give them the best chance of finding jobs elsewhere. “The prolonged global downturn in oil and gas prices is hitting the industry right across the country so it is encouraging to hear Siemens give a reassurance that it remains committed to the area. I hope to meet the company very soon to discuss the situation.”