Hyundai Heavy Industries Targets $19.5 Billion in Orders in 2016

Hyundai Heavy Industries shipyard in Ulsan, about 410 km (255 miles) southeast of Seoul. REUTERS/Lee Jae-Won
Hyundai Heavy Industries shipyard in Ulsan, about 410 km (255 miles) southeast of Seoul. REUTERS/Lee Jae-Won

ReutersSEOUL, Jan 4 (Reuters) – Hyundai Heavy Industries Co Ltd said on Monday it is plans an order target of $19.5 billion in 2016, down from a target of $22.95 billion in 2015.

The shipbuilder, together with smaller affiliates Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries Co Ltd, was the biggest shipyard group in the world by orderbook as of November, according to Clarksons Research.

Low oil prices and complex designs have made high-end offshore floating production facilities for oil and gas loss-making for the world’s three biggest shipbuilding groups, all South Korean, as demand shrinks and some orders are slashed.

(Reporting by Joyce Lee; Editing by Stephen Coates)

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