Shippers have delayed or canceled their offshore facility orders due to declining oil prices. Most shipbuilders have suffered declining orders due to oversupply since the 2008 financial crisis.

As oil prices have recently rebounded to $60 per barrel after bottoming out at $26 in 2016, Hyundai Heavy aims to achieve $1.6 billion in offshore facility orders this year.

On Jan. 3, the company said it aims to achieve 13.6 trillion won ($12.8 billion) in sales this year, down 12 percent from 15.38 trillion won a year earlier. It also said its operating profit stood at 46.7 billion won last year.

In 2018, Hyundai Heavy has set a goal of winning $16.56 billion worth of orders, up 45 percent from the $11.42 billion it actually bagged last year, the company said in a regulatory filing.

It has yet to release full-year earnings results. The results are expected out later this month or next month. (Yonhap)