Rolls Royce is set to cut 600 jobs in its marine business by the end of this year as part of its plans to introduce cost reduction programmes and to seek further efficiencies in the sector.

Currently, its marine business employs about 6,000 people in 34 countries. Though the reduction will be global, the company will cut half of the number in Norway.

Rolls Royce said this decision follows its recent Interim Management statement, which confirmed that there is a drive for further efficiencies this year.

Rolls-Royce Marine president Mikael Makinen said: "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.

"It is never an easy decision to propose reductions in our workforce, but it is a sign of the challenging market in which Rolls Royce operate."

"It is never an easy decision to propose reductions in our workforce, but it is a sign of the challenging market in which we operate. We will work closely with employees and their representatives as we manage this change."

The company earlier announced that it would reduce the number of employees by 2,600, especially in the aerospace division.

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The Interim Management statement revealed that the firm has already reduced approximately 1,300 jobs. The company then said that it will accelerate further cost reduction programmes in its land & sea division.

Makinen added: "The future prospects for the marine business remain bright, and we are focused on maintaining our position as a technology leader, but we must drive further cost reduction today so that we are ready to grow tomorrow."

Rolls Royce is expecting that this new developments will have a neutral impact on profits this fiscal year and generate approximately £25m of benefits from 2016 onwards.