Energy services firm Petrofac has filed for administration.
The company, which employs about 2,000 people in Scotland, said its North Sea business would continue to operate as normal.
In a statement, Petrofac said it had applied to appoint administrators for its holding company, but that alternative restructuring options were being explored.
It added that administrators would work to "preserve value, operational capability and ongoing delivery".
The decision comes after Dutch grid operator TenneT terminated a major offshore wind contract with Petrofac, scuppering a planned financial restructuring.
The firm, which has UK offices in Aberdeen, London, Woking and Great Yarmouth, said further information on the administration process would be provided in due course.
Founded in Texas in 1981, Petrofac designs and builds facilities for oil, gas and renewables projects, as well as providing engineering, project management and logistical services.
It has been involved in the operation of North Sea oil platforms for firms including BP and Shell.
Once a FTSE 100 firm, the company was worth around £6bn at its peak in 2012 but it has slumped in recent years following a Serious Fraud Office investigation and a series of profit warnings.
Petrofac was worth around £20m when its shares were suspended in May. The firm has cited delays in contract payments and rising operating costs.
A company spokesman said: "Petrofac has a number of fundamentally strong businesses and we are focused on delivering the best possible outcome for them through this process.
"Our long-established North Sea business continues to operate as normal, and management are working to minimise disruption for clients and employees."
The Aberdeen and Grampian Chamber of Commerce said it was "deeply concerned" by the announcement, which it said came at an "already worrying time for the North Sea supply chain".
Chief executive Russell Borthwick said: "Thousands of skilled jobs across the region depend on companies like Petrofac, which sit at the heart of both our oil and gas and energy transition sectors.
"While many of Petrofac's challenges predate the current government, this is another stark reminder that the UK government must urgently act to restore confidence and stability in the energy industry."
Scottish Conservative energy spokesman Douglas Lumsden said oil and gas workers had been "abandoned" by both the UK and Scottish governments.
Scotland's First Minister John Swinney described the announcement as "incredibly concerning" and said his government was ready to support Petrofac staff.
He called on the UK government to "urgently revisit" a 78% windfall tax on North Sea oil and gas profits.
A spokesperson for the UK Department of Energy Security and Net Zero said the UK arm of Petrofac "is continuing to operate as normal, as an in-demand business with a highly-skilled workforce and many successful contracts".
They said the administration process was a result of "long-standing issues" in the firm's worldwide operations.
The spokesperson added: "The government will continue to work with the UK company as it focuses on its long-term future."