Daewoo Shipbuilding & Marine Engineering (DSME) has posted a deep loss of KRW5.13trn ($4.26bn) in 2015, reversing from the profit of KRW33bn in 2014.

The loss was attributed to write-downs on offshore projects under construction and order cancellations.

Revenue last year fell 23% year-on-year to KRW13trn.

South Korea’s DSME is among global shipyards that were hit by losses in 2015 following the plunge in oil prices that slashed activities in the offshore oil and gas market.

But Seoul-listed DSME has maintained a positive outlook for the immediate future. “Earnings are expected to turn around this year as more high-valued gas carriers are built,” DSME said in a statement cited by Bloomberg. “The company has sufficiently set aside provisions that will eliminate any uncertainties.”

Major creditors of DSME, Korea Development Bank (KDB) and Export-Import Bank of Korea, have pledged in October 2015 to provide KRW4.2trn to the shipbuilder in loans and equity.

DSME also managed to raise some KRW750bn by selling non-core assets such as its headquarters building and a golf course.

Compatriot shipyard Hyundai Heavy Industries (HHI) also reported a loss of KRW1.36trn in 2015, narrowing from the deficit of KRW2.21trn in 2014.