Engine out 737-700

Hi all,What are the procedures for one engine out? Say I am flying a 737 from UK into Germany somewhere how does this work? What do airlines do? Which divert etc? A planned one or??So including the above example once explained how does it take this into consideration?:"If at the takeoff airport meets the minimum IFR takeoff criteria but is below minimum landing criteria then you must declare a takeoff alternate that can be flown within one hour, one engine out performance since in these conditions you can not return to your takeoff airport"How is this worked out?ThanksMark