Hyundai Heavy shutting rig construction yard due to lack of orders

South Korea’s Hyundai Heavy Industries, one of the world’s largest builders of offshore drilling rigs used by the international oil and gas industry, plans to shut down its rig construction yard due to scarce new orders.

The drop in orders has been caused by low oil prices, and lack in demand for oil field equipment, as the oil companies have slashed their capital investments, waiting for the oil price to go back up.

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