Up 60 jobs may be lost at a manufacturing and engineering plant in Longford.
Staff at Cameron were called to a meeting this afternoon where they were told of potential redundancies.
Employees were also briefed on the possibility of a reduced working week.
Cameron was established in Longford town in 1978.
It manufactures drilling equipment and supplies maintenance equipment for pipelines, refineries and oil and gas wells.
Around 270 people work at the plant, making it one of the biggest employers in the county.
Unite, which represents workers at the plant, said it had been informed of the meeting.
The company has more than 16,000 employees operating from 250 locations worldwide.
The European Union recently approved a takeover of Cameron by Schlumberger Ltd, the world's largest oil-field service company, saying it had no major competition concerns.