You are here: Home » International » News » Companies
Business Standard

Rolls-Royce to cut 800 jobs in marine business

Marine sector employs 4,800 people in 34 countries, with Norway the most significant with 1,900 workers

AFP | PTI  |  London 

Rolls royce 20/25
Rolls royce 20/25

British engine maker said today it was slashing 800 jobs worldwide in its marine business, where its order book is "very weak".

The marine sector employs 4,800 people in 34 countries, with the most significant with 1,900 workers. The division designs ships and systems, largely for the and gas market.



Rolls said the job cuts would be made in 2017 in a bid to make savings of around 45 million pounds to 50 million pounds (USD 57 million to $63 million; 53 to 59 million euros).

Rolls had already cut its marine division workforce back from 6,000 last year in response to a slump in the offshore and gas market caused by low crude prices.

"The ongoing market weakness that has followed the dramatic fall in the price of continues to have an adverse impact upon our order book and profitability," said Mikael Makinen, president of the Rolls marine division.

"Reducing our workforce is never an easy decision, but we have no option but to take further action beyond the changes we have made to date."

Rolls said in a trading update in November that its order book in the marine division was "very weak" and it did not envisage a recovery in offshore and gas markets.

RECOMMENDED FOR YOU

Rolls-Royce to cut 800 jobs in marine business

Marine sector employs 4,800 people in 34 countries, with Norway the most significant with 1,900 workers

Marine sector employs 4,800 people in 34 countries, with Norway the most significant with 1,900 workers British engine maker said today it was slashing 800 jobs worldwide in its marine business, where its order book is "very weak".

The marine sector employs 4,800 people in 34 countries, with the most significant with 1,900 workers. The division designs ships and systems, largely for the and gas market.

Rolls said the job cuts would be made in 2017 in a bid to make savings of around 45 million pounds to 50 million pounds (USD 57 million to $63 million; 53 to 59 million euros).

Rolls had already cut its marine division workforce back from 6,000 last year in response to a slump in the offshore and gas market caused by low crude prices.

"The ongoing market weakness that has followed the dramatic fall in the price of continues to have an adverse impact upon our order book and profitability," said Mikael Makinen, president of the Rolls marine division.

"Reducing our workforce is never an easy decision, but we have no option but to take further action beyond the changes we have made to date."

Rolls said in a trading update in November that its order book in the marine division was "very weak" and it did not envisage a recovery in offshore and gas markets.
image
Business Standard
177 22

Rolls-Royce to cut 800 jobs in marine business

Marine sector employs 4,800 people in 34 countries, with Norway the most significant with 1,900 workers

British engine maker said today it was slashing 800 jobs worldwide in its marine business, where its order book is "very weak".

The marine sector employs 4,800 people in 34 countries, with the most significant with 1,900 workers. The division designs ships and systems, largely for the and gas market.

Rolls said the job cuts would be made in 2017 in a bid to make savings of around 45 million pounds to 50 million pounds (USD 57 million to $63 million; 53 to 59 million euros).

Rolls had already cut its marine division workforce back from 6,000 last year in response to a slump in the offshore and gas market caused by low crude prices.

"The ongoing market weakness that has followed the dramatic fall in the price of continues to have an adverse impact upon our order book and profitability," said Mikael Makinen, president of the Rolls marine division.

"Reducing our workforce is never an easy decision, but we have no option but to take further action beyond the changes we have made to date."

Rolls said in a trading update in November that its order book in the marine division was "very weak" and it did not envisage a recovery in offshore and gas markets.

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard