Warren East, chief executive, said the company would do "all we can to to minimise any impact on customers' operations".
The FTSE100 listed company, in its annual results statement release in March, said it saw "significant" in-service engine issues on turbofan engines Trent 1000 and Trent 900, principally due to lower than expected durability of certain turbine and compressor rotor blade parts.
It announced the need for stepped up inspections after liaising with authorities over a separate issue with the compressor on Trent 1000 Package C series engines.
Targets for the discretionary spending cuts elsewhere will include company travel, IT upgrades and work on Rolls-Royce's UltraFan engine and other next-generation programmes, East said, though plans to compete on Boeing's new middle-of-market aircraft - or NMA - won't be affected.
The affected 787's ETOPS is expected to be reduced from the certified 330 minutes flight time to the nearest airport to about 140 minutes, requiring the aircraft to fly closer to diversionary airports than straight to its destination.
Rolls-Royce Holdings plc, an engineering company, develops, manufactures, markets, and sells power and propulsion systems in the United Kingdom and internationally.
Boeing said about 25 per cent of the 787 Dreamliners flying were powered by the engine and it was deploying support teams to mitigate service disruptions.
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We are aware that Rolls-Royce made a financial disclosure today in connection with increased inspections of the Trent 1000 Package C engine.
"Our team of technical experts and service engineers is working around the clock to ensure we return them to full service as soon as possible", he said.
Airlines operating some of the engines have been ordered by global safety regulators to carry out more regular checks on them, meaning they will be grounded much more frequently for maintenance.
It said the check was already required prior to the engine reaching a flying threshold of 2000 cycles or one way journeys but the directive reduces that timeframe to 300 cycles. The snag has led to unscheduled shop visits for dozens of Boeing's 787s at carriers including Virgin Atlantic and British Airways, costing Rolls-Royce more than £220m in charges a year ago.
The airliner also has Trent 1000 TEN model engines in its 787 fleet which are unaffected.
In March, Rolls said the cash hit from the problem should hit a peak of £340 million in 2018 before falling in 2019.