RYCEY Rolls Royce Holdings PLC (PK)

By Rory Gallivan

LONDON--Engine maker Rolls-Royce Holdings PLC (RR.LN) said it will cut 600 jobs in its marine business by the end of the year as it reduces costs in response to tough market conditions.

The reductions will be around the world but about half will be in Norway, Rolls-Royce said Monday.

"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," said Mikael Makinen, president of Rolls-Royce's marine division.

Shares at 1106 GMT, unchanged at 1013 pence valuing the company at 18.62 billion pounds ($29.1 billion).

Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

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