Daewoo Shipbuilding & Marine Engineering Co. said the worst is over for the company and it expects to post an operating profit this quarter after a record loss for 2015.
The world’s second-largest shipbuilder is working on nine offshore projects as planned and doesn’t expect any further losses from them, Chief Executive Officer Jung Sung Leep said in a briefing in Seoul Thursday. It’s targeting to win $10.8 billion in total orders this year, more than doubling from the $4.5 billion received in 2015.
Oil plunging to the lowest prices in more than a decade prompted clients to cancel or delay orders of offshore rigs, leading to higher costs for Daewoo Shipbuilding and a record operating loss of 5.51 trillion won ($4.6 billion) last year. The company said in late October that it expects to make a profit in 2016 as it works more on high-value vessels that carry gas.
Brazil Energy Insight 
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