South Korea’s Hyundai Heavy Industries (HHI) is suspending work at its dedicated offshore yard in Onsan, a district of Ulsan, from March.
“Our ongoing projects will complete in March. From then we do not have a further order to work on, and the operation will stop until we get a new one,” a company spokesman told local media.
The yard will be used as a warehouse.
The offshore facility was opened in 2012 as HHI enjoyed huge offshore orders at the time, something that dried up dramatically with the drop in oil prices. HHI has already made 700 of the 1,000 staff at Onsan redundant.