Hyundai Heavy Industries has announced plans to temporarily stop operations at its manufacturing facility for offshore oil rigs in Onsan, South Korea, due to a lack of orders.

Hyundai spokesman said that after completing its ongoing projects in March 2016, the company will have no further orders to work on.

The facility will be temporarily closed and used to store the company’s raw materials and equipment until new orders have come in.

"In 2016, Hyundai hopes to receive orders of $19.5bn."

In 2015, major oil companies across the globe cancelled orders, with then company then unable to secure even a single new order for offshore oil rigs and production facilities.

The 200,000m² offshore rig building facility was opened by Hyundai in November 2012.

Already 700 of the total 1,000 workforce were made redundant at the plant, while 60 of the remaining staff are expected to be relocated. The company plans to retrench the remaining.

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In 2016, Hyundai hopes to receive orders of $19.5bn.