The group will reduce its global workforce of 30,000 staff over the next 12 months, it said in a statement following a strategic review.
Babcock is the second biggest defence equipment supplier to Britain's Ministry of Defence, after BAE Systems.
The review identified impairments and charges totalling about 1.7 billion pounds ($2.3 billion, 2.0 billion euros).
Babcock added that it will focus on its activities in Australia, Britain, Canada, France and South Africa.
"Through self-help actions, we aim to return Babcock to strength," said chief executive David Lockwood.
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