LS Cable & System-LS Marine Solution Sign MOU with UK Balmoral Comtech

Strengthening Global Cooperation
Securing Leadership in the Offshore Wind Power Market

LS Cable & System and LS Marine Solution announced on the 13th that they have signed a Memorandum of Understanding (MOU) with UK-based marine engineering specialist Balmoral Comtec for 'floating offshore wind power business cooperation.'

Balmoral Comtec is an energy company with world-class technology in cable protection systems, buoyancy solutions, and subsea infrastructure construction for the offshore wind and marine energy industries.

On the 13th, at the LS Cable Seoul Office in Yongsan-gu, Seoul, an MOU for cooperation on the floating offshore wind power project was signed between LS Cable, LS Marine Solution, and Balmoral Comtec. From the left, Bon-gyu Koo, CEO of LS Cable, Bill Main, CEO of Balmoral Comtec, and Byung-ok Kim, CEO of LS Marine Solution, are posing for a commemorative photo. Photo by LS Cable

LS Cable & System has developed Korea's first dynamic cable for floating offshore wind power that can operate stably even in harsh marine environments. Through this agreement with Balmoral Comtec, they plan to establish a safe operation system for floating offshore wind power cables optimized for marine environments.

LS Marine Solution will maximize the efficiency of floating offshore wind power cable installation and operation and support stable maintenance to back the successful advancement of the business.

The Ministry of Trade, Industry and Energy included floating offshore wind power for the first time last year in the 'fixed-price contract competitive bidding for wind and solar power facilities,' selecting Equinor's 'Firefly Project.' LS Cable & System has signed an agreement with Equinor and is working to secure market leadership. Floating offshore wind power generates electricity by floating structures on the sea. The Global Wind Energy Council forecasts the market to grow rapidly from 35GW in 2020 to 270GW by 2030.

An LS Cable & System official stated, "The share of floating offshore wind power is still around 1%, but it will grow rapidly," adding, "We will secure core technologies through the Firefly Project and lead the market through continuous technology development and global cooperation."

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