Belfast shipbuilder Harland & Wolff, which is facing an uncertain future after the loss of a major order to build a cruise liner for Cunard, had operating losses of £1.1 million sterling (€1.85 million) on turnover of £406 million last year.
This compares with an operating profit of £900,000 on turnover of £223 million in 1998.
Overall, however, H&W broke even last year compared to a loss of £5.1 million in 1998.
But the joint statement from its chairman, Mr Fred Olsen, and chief executive, Mr Brynjulv Mugaas, makes depressing reading.
Despite the improvement in oil prices, the timelag in new oilfield developments has resulted in few major contracts coming on the market.
In addition, price dumping by South Korean shipbuilders "hangs like a sword of Damocles over a UK shipbuilding industry for which the threat of yard closures and mothballing of offshore fabricators has become all too familiar", they said.
Currently, H&W is bidding to build two cruise ships for Luxus Holdings, a contract that is worth about $300 million (€320 million). But the Belfast yard faces competition from at least two other European shipyards.
The chairman of Luxus, Mr Les Royle, has met H&W management but has said it is a question of whether the shipyard could build the ships to the company's specifications and cost.
