Oil rout forces Hyundai Heavy to close offshore yard

Oil rout forces Hyundai Heavy to close offshore yard

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.

 

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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