LS Marine Solution Secures Consecutive Orders... Anticipated to Benefit from West Coast HVDC Project

Anma Offshore Wind Power Project: 94 Billion KRW Order, Largest Single Project to Date
Consecutively Selected as Preferred Bidder for Shinan Ui and Haesong Offshore Wind Power
5-7% of Total Project Cost... Potential for Additional Orders Up to 170 Billion KRW

LS Marine Solution is expanding its presence in the submarine cable construction sector by consecutively winning large offshore wind power projects.

According to industry sources on July 14, LS Marine Solution signed a submarine cable installation contract worth 94 billion KRW for the Anma Offshore Wind Power project, which is being promoted near Yeonggwang County, Jeonnam, earlier this month. The installation and construction of submarine cables connecting the wind farm to the mainland are expected to begin in earnest from 2027. This contract amounts to approximately 72% of last year’s sales and marks the largest single offshore wind power order in the company’s history.

The Anma Offshore Wind Power project has a total generation capacity of 532MW and covers an area of 83.9 million square meters. Once completed, it will be capable of producing 1,400GWh of electricity annually, enough to supply 380,000 households, or about 1.4 million people.

LS Marine Solution has also been selected as the preferred bidder for the submarine cable installation segment of the 390MW ‘Shinan Ui Offshore Wind Power’ project, which is being developed near Uido, Shinan County, Jeonnam. This project is being led by a consortium headed by Hanwha Ocean and SK EterNix, with construction set to begin in 2025, cable installation in 2027, and commercial operation targeted for early 2029. Submarine cable installation is known to account for 57% of the total project cost. Based on this, the order value is estimated to be between 130 billion and 170 billion KRW.

Last month, LS Marine Solution was also named as the preferred bidder for the submarine cable transportation and installation segment of the ‘Haesong Offshore Wind Power Project,’ the largest offshore wind power project in Korea. Haesong Offshore Wind Power is being developed as two 504MW-class complexes, totaling 1GW, off the west coast of Shinan County, Jeonnam. LS Marine Solution is expected to handle the entire process, from marine surveys to cable laying, burial, and connection testing, for both internal and external networks.

Amid these large-scale contract wins, the government’s ongoing West Coast HVDC power grid project is also drawing attention. President Lee Jaemyung pledged during the last presidential election to complete this project ahead of schedule by 2030.

The West Coast HVDC project is a submarine power grid construction initiative to transmit electricity from the West Sea and Honam regions to the Seoul metropolitan area. It covers a total distance of 1,070km, including Saemangeum-Seohaeseong (220km), Sinhaenam-Dangjin Thermal (290km), Sinhaenam-SeoIncheon Complex (350km), and Saemangeum-Yeongheung Thermal (210km), with a total investment of 11 trillion KRW. Korea Electric Power Corporation plans to complete the project by 2038, but President Lee intends to advance the timeline by eight years.

LS Marine Solution submarine cable laying vessel. LS Marine Solution

HVDC submarine cable installation requires advanced technology and specialized cable-laying vessels. In Korea, only LS Marine Solution possesses both cable-laying vessels and a proven track record in installation. The company owns the ‘Segyero’ telecommunications cable-laying vessel, the multipurpose burial vessel ‘Miraero,’ and the dedicated submarine power cable vessel ‘GL2030.’ The GL2030 is currently being upgraded from a 4,000-ton to a 7,000-ton class vessel.

In addition, a new 13,000-ton class large cable-laying vessel (CLV) is under construction, with an investment of 345.8 billion KRW. This state-of-the-art facility will be capable of simultaneously laying HVDC and optical cables. Only three vessels with these specifications are currently in operation worldwide.

LS Marine Solution, together with LS Cable & System, is the only company in Korea with experience in commercializing long-distance HVDC submarine cable projects. Globally, only six companies have commercialized this technology, and LS Cable & System is one of them. The two companies offer turnkey solutions, covering everything from manufacturing to installation.

This technological capability has already been proven in practice. In November last year, LS Marine Solution successfully completed the installation of submarine cables at the Jeonnam Offshore Wind Power Phase 1 project, securing its reliability. This project is expected to expand to a total of 8.2GW by 2035, and LS Marine Solution is preparing to participate in subsequent phases.

The company’s 2024 performance also reflected this growth. Sales increased by 84% year-on-year to 130.3 billion KRW, and operating profit reached 12.4 billion KRW, marking the highest results since the company’s founding.

LS Marine Solution is also achieving results in overseas markets. The company won a 15.8 million USD submarine cable installation contract for the 294.5MW ‘TPC Offshore Wind Power Phase 2’ project, commissioned by Taiwan Power Company (TPC). This marks the first time a Korean company has entered the overseas offshore wind power submarine cable installation market, opening the door to potential future contracts for subsequent projects in Taiwan worth several trillion KRW.

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