Photograph) LS Marine Solutions' submarine cable laying vessel Miraero


■ Company signs contract to lay submarine cable worth KRW 22.7 billion in first overseas power grid project
■ First overseas expansion of Korea's submarine cable layer expected to be turning point for entry into global market
■ Company plans to take lead in KRW 2.5 trillion Taiwanese cable laying market through cooperation with LS Cable & System


LS Marine Solutions announced on the 28th that it has signed a contract to lay submarine cables for a Taiwanese offshore wind farm project worth USD 15.8 million (approximately KRW 22.7 billion).

This contract is the first overseas power grid project won by LS Marine Solutions, and also the first case of a Korean submarine cable laying company advancing overseas. It is expected to be an important turning point for the company’s expansion into the global market.

This 294.5 MW project is part of the TPC Offshore Wind Farm 2 project promoted by the Taiwan Power Company (TPC), and is a key part in the first phase of the Taiwanese government’s plan to build a total of 5.6 GW worth of offshore wind farms from 2020 to 2025. 

The Taiwanese government is implementing projects according to a long-term roadmap, with the aim of securing a total offshore wind power generation capacity of 20.6 GW by 2035. Through this contract, LS Marine Solutions has laid a foundation for taking the lead in the submarine cable laying market, with phases 2 and 3 of this project expected to be worth approximately KRW 2.5 trillion.

LS Marine Solutions has accumulated technological know-how over the past 30 years by carrying out international submarine communication network installation projects connecting Korea, North America, and Asian countries, for Meta, Microsoft, and other organizations. Since its acquisition by LS Cable & System, LS Marine Solutions has expanded into the power grid sector. It has further proven its global competitiveness through this contract.

LS Cable & System has virtually monopolized the supply of ultra-high voltage submarine cables for the first phase of the Taiwanese offshore wind power project, worth approximately KRW 1 trillion. Based on this, LS Marine Solutions’ entry into the cable laying sector is expected to further strengthen synergy between manufacturing and cable laying.

“LS Marine Solutions successfully entered the overseas power grid market based on its accumulated technology and experience as Korea's first-generation submarine cable laying company,” said Kim Byeong-ok, CEO of LS Marine Solutions. “This Taiwan project has granted us an opportunity to further expand our presence in the global market.”