Hyundai Heavy Industries Co. achieved 28 percent of its annual order target of $10.17 billion in the first half of the year due to sharp declines in offshore facility projects, the company said.
In the January-June period, the world’s biggest shipbuilder by sales received $2.87 billion worth of orders as offshore facility contracts plunged 99 percent on-year to a mere $200 million, Hyundai Heavy said in a statement.
When its figures are combined with Hyundai Mipo Dockyard and Hyundai Samho Heavy Industries Co., the three — all affiliates of Hyundai Heavy Industries Group — posted $7.02 billion worth of orders in the first half. This accounts for 42 percent of their overall order target of $16.54 billion for this year, it said.
As of the end of June, the three shipbuilders had an order backlog valued at $32.19 billion, which will keep their shipyards busy for about an year, a company spokeswoman said.