The firm will reduce rates paid to agencies for offshore and onshore workers by 7.5% from 8 February.
The move will affect about 830 contract workers.
In a statement, Amec Foster Wheeler said it had taken the decision in the face of "challenging times" for the industry.
The oil price has fallen dramatically over the past year, forcing many companies working in the sector to cut costs.
At least 65,000 jobs are estimated to have been lost in the North Sea in little over a year.
On Monday, Brent crude fell as low as $27.67 a barrel, its lowest since 2003, before recovering to trade at $28.86.
Alan Johnstone, from Amec Foster Wheeler, said: "The industry continues to face challenging times and after much consideration, we have taken the difficult decision to reduce contractor rates.
"We are determined to keep our business and the industry sustainable for the long term and this is just one of many measures to address cost and efficiency.
"We are committed to continually improving the way we work and our cost base so we can offer our customers cost effective services whilst strengthening the UKCS as an attractive long term market for the future."
Oil and gas services company Amec Foster Wheeler has announced plans to cut pay rates for hundreds of Aberdeen-based contract workers.