Raising yard capacity in downturn a tough call

NOTHING can be taken for granted in the cyclical offshore and marine (O&M) sector.

No one is spared the brunt of this ongoing downturn, not even the big players.

Hyundai Heavy Industries is a prime example. The once celebrated big brother of South Korea's shipbuilding industry laid off more workers - said to be in the thousands - in August after failing to break a prolonged dry spell of no new O&M orders.