World's biggest yard shuts down offshore division for now

The shortage of orders for the offshore sector has now become so pronounced at the world's biggest shipbuilder, Hyundai Heavy Industries, that management has decided to shut down its offshore division. For the time being.

Photo: /ritzau/AP/Kim Dong-min

Several years of low oil prices are now starting to really impact the last link in the supply chain, namely the shipbuilders who have made a good living from building platforms and rigs for the offshore sector.

The shortage of orders has become so severe at one of South Korea's three major shipyards, Hyundai Heavy Industries (HHI), that management has decided to suspend work on its offshore facilities in August, reports Korean news agency Yonhap.

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