LS Marine Solution Partners with Ship and Offshore Plant Research Institute for Subsea Resource Development

Cooperation in Discovering New Business Opportunities

LS Marine Solution recently announced on the 4th that it has signed a Memorandum of Understanding (MOU) with the Korea Research Institute of Ships and Ocean Engineering (KRISO) regarding 'underwater resource exploration and development.'

Lee Seung-yong, CEO of LS Marine Solution (right), and Jeon Bong-hwan, Head of the Marine Public Digital Research Division at the Korea Research Institute of Ships and Ocean Engineering (KRISO), are posing for a commemorative photo after signing the "Undersea Resource Exploration and Development Memorandum of Understanding (MOU)." / Photo by LS Cable & System

The two companies will cooperate to discover new business opportunities and develop technologies, starting with the exploration of underwater mineral and gas resources.

LS Marine Solution plans to actively utilize specialized underwater vessels and underwater exploration equipment based on its accumulated expertise in seabed surveys and vessel operation through its experience in underwater cable installation.

Lee Seung-yong, CEO of LS Marine Solution, said, "The importance of securing supply for key minerals such as rare earth elements is increasing," adding, "We will expand our business from underwater cable installation to marine energy development through this MOU."

KRISO is a government-funded research institute under the Ministry of Oceans and Fisheries. It has been developing technologies in the fields of ships, marine plants, marine equipment, and marine safety for over 50 years.

An LS Cable & System official explained, "Recently, we have been working with affiliates such as LS Eco Energy to establish a permanent magnet value chain and are making efforts to secure key mineral resources."

This content was produced with the assistance of AI translation services.