LS Marine wins first overseas subsea cable deal for Taiwan wind project
$15.8 million deal marks LS' global debut as offshore energy investments surge
LS Marine Solution announced Monday that it has secured a $15.8 million contract to install subsea cables for Taiwan Power Company's offshore wind project, marking its first overseas order in the power grid sector.
It is also the first time a Korean company has bagged an international subsea cable installation project.
According to LS Marine, the project is part of the TPC wind farm's phase 2 initiative, with a generation capacity of 294.5 megawatts. It is a core project within the Taiwanese government's first phase plan to develop 5.6 gigawatts of offshore wind power capacity by 2025.
'Leveraging the technological expertise and experience we have accumulated as Korea's first-generation subsea cable installation company, we have successfully entered the overseas power grid market,' LS Marine Solution CEO Kim Byung-ok said.
'Building on the success of the Taiwan project, we will accelerate our efforts to expand globally.'
The latest contract positions LS Marine Solution to capitalize on the rapidly growing offshore energy market in the country, as the following second and third phases of Taiwan's wind power projects are expected to reach approximately 2.5 trillion won ($1.74 billion). The Taiwanese government has set a long-term roadmap, aiming to secure 20.6 GW of offshore wind power capacity by 2035.
The company said it expects to further strengthen the synergy between cable manufacturing and installation capabilities, given how it has already supplied nearly 1 trillion won worth of extra-high voltage subsea cables for Taiwan's first phase project.
Over the past 30 years, LS Marine Solution has built strong technological expertise by participating in major international subsea communication cable projects for major tech giants such as Meta and Microsoft, connecting Korea, North America and countries across Asia, the company said.
Last November, the company successfully completed its first subsea cable installation for the 96 MW Jeonnam offshore wind farm phase 1 project in Sinan County, South Jeolla Province.
The company has also been selected as the preferred bidder for two additional offshore wind projects, the 532 MW Anma project in South Jeolla Province and the 500 MW Taean project in South Chungcheong Province, and is preparing to finalize the contracts.
LS Marine Solution was previously KT Submarine and was acquired by LS Cable and System in 2023. The company's revenue more than tripled from 42.8 billion won in 2022 to 130.3 billion in 2024. The company swung from a 6.6 billion won loss to a 12.4 billion won profit during the same period.
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