South Korea's three construction giants are feeling the ill effects of the industry downturn and intense competition but are hopeful that the lucrative offshore contracts they seek will materialise in 2021.

Daewoo Shipbuilding & Marine Engineering, Hyundai Heavy Industries and Samsung Heavy Industries are having a rough 2020, with practically no new offshore orders and, for Daewoo and Samsung, lingering issues with unfinished drillships.

To compound the difficulties, the shipbuilding sector is subdued too. Local news agency Yonhap quoted data by Clarksons Research that global shipbuilding new orders more than halved in the first eight months of this year to historic lows.