LS Marine Solutions Secures Record $1.57 Billion Offshore Wind Contract

LS Marine Solutions has secured the largest underwater cable construction contract in South Korea, establishing a foothold in the large-scale offshore wind sector.

On September 18, LS Marine Solutions announced it has signed a contract worth approximately 156.9 billion won (about $1.57 billion) for the underwater cable construction of the Shinan Uwi offshore wind project in Jeollanam-do, in partnership with Hanwha Ocean.

This contract marks the largest in the company's history, amounting to about 2.2 times its annual revenue of 72.2 billion won last year.

The Shinan Uwi offshore wind project has a capacity of 390 megawatts (MW) and is the first project in the total 8.2-gigawatt (GW) Shinan offshore wind belt. It is also the first large-scale offshore wind project funded entirely by domestic capital and is considered a prime example of the competitiveness of South Korea's offshore wind supply chain.

LS Marine Solutions will handle the entire process of transporting, laying, and burying the underwater cables from the second half of this year until 2028. The company plans to use this contract as a stepping stone to expand its participation in subsequent projects within the Shinan offshore wind belt and other large-scale offshore wind initiatives.

A company representative stated, "If issues arise after the installation of underwater cables, it can significantly impact the stability of the national power grid and energy security. The costs and time required for recovery are substantial, making experience in executing large projects and proven construction capabilities key to our competitiveness in this business."

Building on its experience as the leading underwater cable construction company in South Korea, including projects in Jeollanam-do and the Jeju underwater cable connections, LS Marine Solutions is also expanding into the global market, securing contracts for the Japan-Korea undersea communication network (JAKO) project, which is being pursued by companies like Microsoft and Amazon.

The representative added, "We will expand our participation in key national power grid projects, including subsequent projects in the Shinan offshore wind belt and the HVDC energy highway along the west coast, and we will intensify our efforts to penetrate global markets, including the U.S. and Europe, based on LS Cable's underwater cable production base, LS Green Link."