(MENAFN) Hyundai Heavy Industries Co. announced that it will suspend work at its offshore facilities shipyard in August as orders have dried up, marking the latest setback for the world's biggest shipbuilder.
Hyundai Heavy President and CEO said: "We will halt operations till we secure offshore orders."
Hyundai Heavy has two major shipyards in the industrial city of Ulsan, about 410 kilometers southeast of Seoul, one is to build commercial vessels, such as container carriers and liquefied natural gas tankers, and the other is to build high-end offshore facilities, such as floating production storage and offloading (FPSO) units.
The company said it will have no offshore project at hand after the last part of an offshore module leaves the Ulsan shipyard in late July, as it involves building four fixed platforms in an oilfield about 130 km northwest of Abu Dhabi.
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