"385 Trillion-Won Offshore Wind Market Unfolds"...LS Cable Subsidiary LS Marine Solution Kicks Off Chain of Major Orders

Launching Order Relay in the West Coast Market with the Shinan Ui Project

Significantly Expanding Installation Capacity Through Cable Laying Vessel Upgrades

LS Marine Solution, a specialized subsea cable installation subsidiary of LS Cable, has officially entered the large-scale offshore wind construction market, keeping pace with the government's acceleration of the 55-gigawatt (GW) offshore wind deployment plan.

On the 29th, LS Marine Solution announced that it has signed a subsea cable installation contract worth 156.9 billion won for the "Shinan Ui Offshore Wind Project" in South Jeolla Province. This single contract represents a significant order in its own right, and is particularly meaningful as it allows the company to secure a key construction reference for the Southwest Sea, ahead of a series of large-scale offshore wind projects that will be sequentially commissioned in Korea in the future.

Offshore wind subsea cable construction methods and equipment configurations vary depending on sea depth, currents, and seabed topography in each maritime area. Especially for large-scale projects, experience with similar marine conditions and the availability of dedicated cable laying vessels are regarded as major criteria for determining construction capability.

Including this order, LS Marine Solution’s total order backlog now reaches approximately 820 billion won on a simple aggregate basis, which is 3.3 times higher than last year’s consolidated annual revenue of 244.2 billion won.

Additional project orders are also becoming visible. LS Marine Solution is currently working to finalize the subsea cable construction contract for the Taean offshore wind project, and has been selected as the preferred negotiation partner for the Shinan Haesong 1 and 3 offshore wind projects, with specific terms under discussion. Accordingly, the company's offshore wind business is expected to transition from a single-project order structure to a long-term growth regime built on a substantial order backlog.

If, as planned by the government, a 55GW offshore wind complex is developed, the total project cost is estimated to reach about 385 trillion won. Of this, the subsea cable installation market alone is expected to account for at least 20 trillion won to more than 30 trillion won.

LS Marine Solution's subsea cable laying vessel 'GL2030'. Recently, its loading capacity expanded from the existing 4,000 tons to 7,000 tons. LS Cable

In response, LS Marine Solution has completed expanding the loading capacity of its subsea cable laying vessel "GL2030" from the existing 4,000 tons to 7,000 tons. The upgraded GL2030 will load cables at the LS Cable Donghae plant next month, then depart for Langkawi, Malaysia, for immediate deployment to the project site.

By the first half of 2028, LS Marine Solution also plans to further expand its construction capacity by acquiring a new 13,000-ton class high-voltage direct current (HVDC) cable laying vessel.

LS Marine Solution stated, "If we successfully complete the Shinan Ui project, we will accumulate valuable experience in construction conditions and process management for the Southwest Sea," adding, "Should we secure subsequent orders for major projects such as Taean and West Coast HVDC, our order backlog and revenue scale will rise to a new level."

This content was produced with the assistance of AI translation services.