British engineering giant to cut 400 jobs

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Profit warnings from investors pressure engineering giant Rolls-Royce to slash 400 jobs at its marine business.

The job cuts follow the recent downturn in the energy industry, caused by a decline in oil prices. As well as supplying the naval and merchant markets, the firm's marine business produces oil rig support vessels. However, the demand for its offshore products has faltered – the price of a barrel of brent crude has fallen from £115 in June 2014 to less than £50.