SHI narrows annual loss to $120m

The local media reported that SHI’s significantly reduced loss was attributed to strict cost-cutting efforts on the back of a protracted downturn of the shipbuilding industry.

Revenue for 2016 was registered at KRW10.41trn, up 7.2% year-on-year, while an operating loss of KRW147bn was reported, sharply narrowing from the operating loss of KRW1.5bn in 2015.

For 2017, SHI has set itself a goal of achieving more than $6bn in orderbook. It started the new year with a $1.27bn order to build a FPU for BP’s Mad Dog II project.