French company Naval Energies is preparing to cut its workforce by more than a third as it seeks to "consolidate its growth" in sectors including tidal, ocean thermal and floating wind.

The company is targetting 100 jobs split between France and the Irish operations of OpenHydro in reaction to slower than expected market development.

Negotiations with workers are starting now with a view to finalisation next year. Naval remains committed to ongoing demonstration projects in France, Canada and Japan.

"This new strategy aims to focus resources - both financial and human - on the highest-priority projects," it said.

The move comes as French tidal developers have been awaiting a commercial tender round from the French government which has yet to materialise.

Image: Naval Energies