Samsung Heavy Industries Co. plans to raise 1.1 trillion won ($985 million) from a sale of new shares as part of efforts by the world’s third-largest shipbuilder to bolster its finances after reporting the first annual loss in 11 years.

Samsung Heavy will sell 159.1 million new shares to shareholders in November, the Sungnam, South Korea-based company said in an e-mailed statement Friday. While it has applied for a sale price of 6,920 won, 30 percent lower than Thursday’s closing level of 9,890 won, the final amount will be determined on Nov. 2, it said.

Samsung Heavy and larger peers Hyundai Heavy Industries Co. and Daewoo Shipbuilding & Marine Engineering Co., the world’s top three shipyards, plan to raise a combined 8.41 trillion won through sales of assets and shares as orders dry up. They are among Asian shipbuilders hurt by a slowing global economy and slump in oil prices that have prompted customers to defer or stop orders.

“Cash flow has come under pressure because of sluggish demand and financial institutions becoming reluctant to lend money while the industry is restructuring,” Samsung Heavy’s Chief Executive Officer Park Dae Young said in the statement. “We hope that much of the liquidity concerns will be resolved through the rights offering.”

Samsung Heavy said in June that it plans to sell new shares as part of a 1.5 trillion-won restructuring plan.

Shares of Samsung Heavy fell 0.1 percent as of 3:09 p.m. in Seoul. The stock has declined 8.9 percent this year, compared with a 4.8 percent gain in the benchmark Kospi index.

Shrinking orders for new vessels amid mounting losses have heightened concerns the Korean shipbuilders’ cash could dwindle further. The government has told the shipyards to submit plans to manage their financials better. Samsung Heavy posted a net loss, excluding minority interest, of 169.1 billion won in the first half because of a delay in delivery of a rig and compensation to workers as part of the restructuring plan.

Brent crude recently traded at $51.08 a barrel in Singapore, dropping from about $101.56 two years ago.

Oil companies are projected to reduce capital expenditure by 17 percent this year, with offshore projects and exploration facing the steepest cuts, the International Energy Agency said in February. Leaders of the world’s largest suppliers of offshore drilling rigs and the services that go with them see the oil-market recovery taking even longer than expected last year.

Royal Dutch Shell Plc, Europe’s largest oil company, has said it has the option to cut expenditure further and defer more projects if oil prices stay blow $50 a barrel.

Source: Bloomberg