Contract worth 2.2 times company's annual sales last year

Marks first participation in 8.2 GW Sinan offshore wind belt

A subsea cable installation vessel operated by LS Marine Solution. [LS Marine Solution]
A subsea cable installation vessel operated by LS Marine Solution. [LS Marine Solution]

LS Marine Solution said Friday it signed a subsea cable installation contract with Hanwha Ocean for the Sinan Ui offshore wind project in South Jeolla Province, valued at approximately 156.9 billion won ($114 million).

The deal is the largest in the company's history, amounting to roughly 2.2 times its standalone annual sales of 72.2 billion won last year.

The Sinan Ui offshore wind project has a capacity of 390 MW and is the first project within the broader 8.2 GW Sinan offshore wind belt. It is the inaugural project under the National Growth Fund and the first large-scale offshore wind project financed entirely with domestic capital.

LS Marine Solution will handle the full process — from transport and laying to burial of the subsea cables — from the second half of this year through 2028.

Subsea cables are critical infrastructure: a fault after installation can significantly affect the stability of the national power grid and energy security, while repairs require substantial cost and time. That makes proven experience on large-scale projects a key competitive advantage.

Building on its position as South Korea's top subsea cable installer — earned through projects including South Jeolla Province offshore wind and the second and third Jeju subsea interconnections — LS Marine Solution has been expanding into global markets. It recently won the Korea-Japan subsea communications network project backed by Microsoft and Amazon, among others.

"We will expand our participation in follow-on projects within the Sinan offshore wind belt and in national grid projects such as the West Coast HVDC energy highway, while also moving in earnest into the US and European markets through LS Green Link, LS Cable & System's subsea cable production base in the United States," a company official said.


keg@heraldcorp.com