Latest news with #LSMarineSolution
Korea Herald
19-05-2025
- Business
- Korea Herald
LS Marine Solution posts record sales, eyes growth in renewables, defense
South Korea's leading submarine cable manufacturer, LS Marine Solution, posted record sales last year and aims to sustain its growth momentum in the renewable energy and defense sectors. The company said Monday that sales had surged 84 percent year-on-year to 130.3 billion won ($96.5 million), while operating profit rose 25 percent to 12.4 billion won during the same period. Building on over 30 years of experience in subsea communication networks for global tech giants such as Meta and Microsoft, the company has expanded its expertise into strategic infrastructure sectors, including high-voltage direct current (HVDC) transmission, offshore wind power, and defense. LS Marine Solution, along with its sister company LS Cable, is among just six companies globally to have successfully commercialized long-distance HVDC submarine cables, offering turnkey solutions from manufacturing to installation. The company is now actively seeking participation in the West Coast HVDC offshore power grid project — a key component of South Korea's renewable energy expansion and power network modernization strategy. In November 2024, the company completed the Jeonnam 1 Offshore Wind Farm subsea cable installation. The project marks the beginning of what will become the world's largest offshore wind complex, expected to generate 8.2 gigawatts of energy by 2035. Additionally, LS Marine Solution secured its first overseas subsea cable project from Taiwan Power Company, valued at $15.8 million — a significant breakthrough for a Korean firm in the global offshore wind market. 'We will continue to lead in HVDC, offshore wind, and defense projects, strengthening both national infrastructure and security,' said LS Marine Solution CEO Kim Byung-ok.
Korea Herald
28-04-2025
- Business
- Korea Herald
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.
Korea Herald
27-02-2025
- Business
- Korea Herald
LS Eco Energy to expand into Vietnam's submarine cable market
LS Eco Energy announced Thursday that representatives from Petro Vietnam Technical Service, a subsidiary of Vietnam's state-owned energy group Petro Vietnam, visited LS Cable & System's submarine cable factory in Gangwon Province to discuss potential cooperation. The visit marks a key step in expanding the company's submarine cable business in Vietnam and Southeast Asia. It plans to collaborate with PTSC and its affiliates and LS Marine Solution to review the production and supply chain for submarine cables. 'Vietnam is rapidly emerging as a renewable energy hub in Southeast Asia, and submarine cables are a key infrastructure component for expanding the renewable energy supply chain,' LS Eco Energy CEO Lee Sang-ho stated. 'We aim to lead the Southeast Asian market alongside LS Marine Solution, leveraging our technology and supply chain capabilities.' PTSC is currently planning a major project to transmit renewable energy generated from Vietnam's offshore wind farms to Singapore via submarine cables. LS Eco Energy is exploring ways to collaborate on this project, while LS Marine Solution is seeking routes for overseas expansion. Additionally, LS Marine Solution is considering involvement in submarine optical cable projects connecting North America and Asia. With global demand for submarine communication infrastructure rising, LS Marine Solution plans to establish a business office in Vietnam. It intends to finalize new vessel investments within the year and strengthen cooperation with local businesses.
