Samsung Heavy Industries has raised its order target for 2017 as boss Park Dae-Youn set out expectations for a recovery in the global market.
Seoul-listed Samsumg's ambitions compare with the $5.3bn it projected for 2016.
Park, president and chief executive of Samsung, explained to reporters that 2017 will be a crucial point for the company’s survival.
Its first mega-deal of the year included a $1.3bn newbuilding order from BP for the construction of a floating production unit.
“The shipbuilding sector would get better this year than in 2016 but there won’t be like a bumper year that local shipbuilders once enjoyed,” Park said, according to MoneyToday.
South Korean shipbuilders have adapted various measures to tackle a prolonged industry downturn.
Samsung, along with its rivals Hyundai Heavy Industries and DSME, plans to cut 4,000 additional jobs, according to a report earlier today.
