Bombardier has announced it will cut about 7,000 jobs worldwide over the next two years.

Job losses will be partially offset by hiring for the production of Bombardier’s CSeries commercial jets, the company said.

Bombardier said it had made a net loss of $5.3 billion in 2015, and had revenues of $18.2 billion – 10% lower than the year before.

Bombardier also forecast lower revenues for 2016, saying it expects to generate between $16.5 billion and $17.5 billion.

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The 7,000 posts to be cut will include 2,000 contractors, and will fall mainly on the transportation and aerostructure parts of the business.

The Canadian plane and train maker said it had signed a letter of intent with Air Canada for up to 75 CS300 aircraft for as much as $3.8 billion, based on the list price.

Bombardier has been helped by recent cash infusions from the Quebec pension fund, Caisse de Depot et Placement du Quebec, and the Quebec provincial government.