Consultation has started with employees, contractors and their representatives.
Hastings Deering managing director Dean Mehmet said the decision was unfortunate and an absolute last resort.
“Many of our customers are running leaner operations and have asked us to retender for work, in every case, at significantly reduced prices,” he said.
“It has never been more critical to meet the market head on and remain a secure, sustainable and competitive operation.”
Mehmet said Hastings would do everything it could to keep as many people as possible employed during the challenging market conditions.