Rolls-Royce recently announced plans to restructure its marine business due to what it called continued weakness in the maritime market.

The company said that planned measures include a further simplification of the structure of the business, with a streamlining of the senior management team, and a series of cost reduction initiatives, which will result in the loss of some 800 jobs around the world and an estimated annualized savings in the range from 45 to 50 million pounds from mid-2017.

The cost of the restructuring is expected to be around 20 million pounds, split between 2016 and 2017.

At the same time, investments are being proposed to establish an R&D center for development of new propulsion products. Rolls-Royce said it will focus on developing further electrical and digital technologies.

The restructuring plans follow a series of cost reduction initiatives over the past three years. The proposed job cuts follow the reduction of 1,000 employees announced in May and October last year.

The company attributed its difficulties to the downturn in the oil and gas markets.