STX Offshore & Shipbuilding has posted a massive net loss of KRW4trn ($3.7bn) for the financial year ended 31 December 2013.

The loss was almost five times larger than the deficit of KRW782bn recorded in 2012. The financially-weakened Korean shipyard blamed a series of contract cancellations and delays for the widening loss.

Revenue for the year also dropped to KRW3.35trn compared to KRW6.2trn in the previous year.

STX Offshore & Shipbuilding also registered an operating loss of KRW2.36trn compared to a loss of KRW698bn a year ago.