Safe passage of ships in the presence of sea mines can be ensured by limiting or reducing the ship’s magnetic footprint. For vessels with plastic hulls, the main component that requires magnetic damping is the engine. Demagnetization of such an object can be achieved by wrapping it with coils and setting the direct current appropriately. For each specific geographic location, the currents in the coils can be determined iteratively from measurements of the magnetic signature in the cardinal directions. In this paper the magnetic signatures are calculated using decomposition-based approach for each coil and each component of the external field separately. Hence the overall magnetic signature of the object can be reproduced in arbitrary external magnetic field (i.e. anywhere on the Earth). Knowing the influence of each coil, it is possible to formulate the optimization task (signature minimization) and determine the currents. The presented method is verified in FEM software with the use of engine models of both symmetrical and asymmetrical shapes. Since the determination of the currents takes place as a result of solving the optimization problem, the effectiveness of obtaining the results, the speed of convergence and the dependence on initial conditions is under investigation. The effect of the model mesh size on the quality of object signature reduction is also analyzed. The developed method can be used for a real object. In that case acquiring the data then requires the measurements of the object placed inside the Helmholtz coils.