LS Cable & System Wins Submarine Cable Order Worth 134.2 Billion KRW in the Netherlands

LS Cable employees are loading submarine cables.

[Photo by LS Cable]

[Asia Economy Reporter Ki-min Lee] LS Cable & System has secured its largest-ever order in the European cable market, winning a submarine cable contract worth approximately 134.2 billion KRW.

On the 21st, LS Cable & System announced that it signed a submarine cable supply contract worth 107.4 million euros (about 134.2 billion KRW) with TenneT, the Dutch state-owned electricity company. LS Cable & System explained that this bidding process was conducted through a comprehensive evaluation system assessing not only the lowest bid but also technical capabilities and business experience.

The Netherlands plans to build 10 offshore wind farms by 2029, securing a total generation capacity of 11 GW. This amount of power can supply over 10 million households. LS Cable & System will supply a total of 210 km of submarine cables by 2023 to two offshore wind farms being constructed in the northern and western coastal areas.

LS Cable & System expects the European submarine cable market to reach trillions of KRW over the next five years. Based on this project, the company intends to focus on securing submarine cable contracts not only in the Netherlands but also in neighboring European regions.

Myung Noh-hyun, CEO of LS Cable & System, said, “Europe is actively developing offshore wind power plants due to policies expanding renewable energy, and the submarine cable market is also the largest in the world. This year, we established a European regional headquarters and are strengthening marketing efforts to expand our presence in the European market.”

Previously, LS Cable & System supplied medium and small-scale submarine cables ranging from 15 to 30 km to offshore wind farms in the UK in 2012, Denmark in 2013, and Belgium in 2016.

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