LS Marine Solution Achieves Record High Sales, Accelerating Growth

Reflecting Jeonnam Offshore Wind Power Cable Performance, Sales Up 84%
Major Offshore Wind Power Contracts Imminent
Anticipation for Participation in the 'West Coast Power Highway' Project

LS Marine Solution announced on the 3rd that it recorded sales of 130.3 billion KRW and an operating profit of 12.4 billion KRW based on provisional results from last year.

Submarine cable laying vessel owned by LS Marine Solution. Photo by LS Cable & System

This represents an 84% increase compared to the previous year's sales of 70.8 billion KRW. It is also the highest figure since the company's establishment.

Regarding this achievement, the company explained that the cable construction performance for the Jeonnam Offshore Wind Power Phase 1 (96MW) and the reflection of the fourth-quarter results of its subsidiary LS Buildwin, which was incorporated, had a significant impact. In particular, Jeonnam Offshore Wind Power is the first offshore wind power project undertaken by LS Marine Solution. It began in earnest from the second quarter of last year and drove sales growth.

LS Marine Solution plans to continue accelerating its growth through expanding offshore wind power construction projects, participating in the West Coast subsea power highway project, and entering the global market in cooperation with LS Cable & System. LS Marine Solution has currently been selected as the preferred negotiator for large offshore wind power projects such as Anma (532MW) and Taean (500MW), and is preparing to sign the main contracts. Negotiations for the Shinan Ui (400MW) project are also underway.

An LS Marine Solution official stated, "We will strengthen our competitiveness in the global market through new SOV (Service Operation Vessel) businesses for offshore wind power and the construction of world-class subsea cable laying vessels."

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