LS Marine Solution is working with LS C&S as it further accelerates its business expansion.
LS Marine Solution has signed a cable laying service agreement with LS C&S for the ‘Bigeumdo Island Submarine Connection Project.’
This project will lay power cables across an area of approximately 7 km under the sea between the Bigeumdo Solar Power Plant in Shinan-gun, Jeollanam-do, and Anjwado Island. LS C&S won this project’s bid as a turnkey (integrated project) this past January.
LS Marine Solution will participate in the project as a service provider laying cables under the sea. The submarine cable layer GL2030 will be used in the project, and the contract is worth 3 billion won.
GL2030 is equipped with a Dynamic Position (DP) control system. Through this system, the accuracy of laying cables will be improved, and vessels will be able to maintain stable operation despite the effects of climate change, such as strong winds and high tides.
LS Marine Solution previously agreed to lay submarine cables with LS C&S for the ‘Jeju Three-connection Submarine Cable Project’ and has now won the bid for the Bigeumdo Island project as the company continues to work together with LS C&S.
LS Marine Solution is also increasing its investments, improving its businesses. Approximately 9.1 billion won was invested in the modernisation of cable laying equipment, and the company is also reviewing the potential for securing additional vessels in the future.
LS Marine Solution CEO Seung-yong Lee stated, “Based on our experience of working together with LS C&S in Korea, we are planning to expand into projects overseas, such as the Taiwan Offshore Wind Farm Construction Project.”
LS Marine Solution recorded its highest operating profit and net profit in the past 20 years during the first half of this year as the company achieved a surplus. It also recorded 60 billion won in orders in just the first half of this year, which is approximately a 150% increase from last year’s sales (42.8 billion won), as the company continues to grow.
Image source: Courtesy of LS C&S
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