LS Marine Solution announced on the 18th that it has signed a construction contract for an undersea cable project valued at approximately 156.9 billion won for the 'Shinan Wooi Offshore Wind Project' in Jeollanam-do with Hanwha Ocean. This is the largest contract in the company's history, amounting to about 2.2 times its annual revenue (72.2 billion won) on a separate basis last year.
The Shinan Wooi offshore wind project has a capacity of 390 megawatts and is the first project within the total 8.2-gigawatt 'Shinan Offshore Wind Belt.' It is the No. 1 National Growth Fund project and the first large-scale offshore wind project to be promoted with purely domestic capital. It is regarded as a representative case demonstrating the competitiveness of Korea's offshore wind supply chain.
LS Marine Solution plans to carry out all processes, from undersea cable transportation to laying and burial, from the second half of this year through 2028. Additionally, leveraging this contract win, the company intends to expand its participation in large-scale offshore wind projects, including follow-up projects for the Shinan Offshore Wind Belt.
LS Marine Solution is expanding its business into global markets by securing contracts such as the Korea-Japan undersea communication network (JAKO) project promoted by Microsoft and Amazon, based on its domestic No. 1 experience in undersea cable construction accumulated through projects like Jeollanam-do Offshore Wind Power and Jeju Undersea Interconnection 2·3.
An LS Marine Solution official stated, "Experience in executing large-scale projects and proven construction capabilities are the core of business competitiveness for undersea cables." The official added, "We will expand participation in national key power grid projects such as follow-up projects for the Shinan Offshore Wind Belt and the West Coast HVDC (high-voltage direct current) energy highway. We will also fully launch efforts to target global markets including the United States and Europe based on LS Green Link, LS Electric's undersea cable production base in the U.S."
in INDUSTRY
