South Korean shipyard STX Offshore & Shipbuilding has sold its research and development building to auto parts manufacturer Korea Central for a price of KRW10bn ($8.93m) to improve its financial status.

The shipyard has just exited a court-mandated restructuring this year and is looking to get back on a more stable financial footing.

Earlier this month, STX finally secured a refund guarantee from Korea Development Bank for Greek owner Oceangold Tankers’ order for two 50,000dwt product tankers, following it losing an order from Sincere Navigation due to its failure to secure a refund guarantee.

According to STX Offshore & Shipbuilding, it currently has 17 confirmed orders which would keep the yard busy until the first quarter of 2020.