British engines maker Rolls-Royce on Monday announced plans to cut 600 jobs at its struggling marine division that has been hit by sliding oil prices.
Rolls-Royce said half the losses would occur in Norway. Rolls' marine unit employs about 6,000 staff in 34 countries but is reducing the headcount by 10 percent as oil companies involved in offshore exploration cut investment after crude futures plunged at the end of last year and start of 2015.
"We are transforming our Marine business and while we are making good progress on cost, the effect of low oil prices means we have to continue to look for further efficiencies," said Mikael Makinen, president of Rolls-Royce Marine.
"We anticipate the proposals will have a broadly neutral impact on profits in 2015 and generate approximately £25 million ($39 million, 35 million euros) of benefits from 2016 onwards," Rolls added in Monday's statement.
World oil prices tumbled by 60 percent in value in the six months to January, rocked by plentiful crude supplies and a strong dollar.
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