Changes to the market mean Q-West Boat Builders has been forced to disestablish 13 positions, managing director Myles Fothergill says.
"It's never an easy thing - it's difficult making decisions around positions which, let's face it, are people," Mr Fothergill said.
"We are back to the size we were four years ago. It's disappointing and not a nice thing to do but it's dictated by the market and unfortunately we have to make hard decisions from time to time."
Twelve workshop jobs and one administration position have been disestablished, with those staff finishing up after Christmas. Q-West has been working with other local and national companies to try to find alternative positions for the staff.
Mr Fothergill said after a good run for the company over the past four years the market had been affected by a number of factors, including the general election, resulting in contracts drying up.