South Korean offshore and marine contractor Samsung Heavy Industries has plunged further into the red amid the market uncertainty wreaked by the coronavirus pandemic.

Samsung posted a net loss of 708 billion won ($592 million) for the three months ended 30 June, compared with a net loss of 309.4 billion won one year earlier.

The contractor made provisions of 454 billion won for its inventory of unsold drillships, 90 billion won of additional costs due to a delay in revenue recognition for the floating production facility for BP’s Argos (formerly Mad Dog 2) project in the US Gulf of Mexico due to Covid-19, and a further 68 billion won of provisions for other newbuildings.