Seoul, South Korea – LS Marine Solutions, a subsidiary of LS Electric, is rapidly expanding its business by leveraging synergies with its parent company in the underwater cable market.
On [Date], the company announced the successful completion of South Korea's first "onshore-Jeju HVDC (High Voltage Direct Current) construction project" in partnership with LS Electric. This project involved building approximately 90 kilometers of submarine power grid connecting Wando, Jeollanam-do, and Jeju Island. It is the largest underwater cable project since the Jeju 2 linkage project, which LS Electric won in 2009.
This project marks the first phase of the world's largest offshore wind power project, which is expected to expand to 8.2 gigawatts (GW) by 2035. It is also the first offshore wind power construction case for LS Marine Solutions in collaboration with LS Electric.
"This achievement is significant as it demonstrates our technological prowess and reliability in the domestic offshore wind power market, laying a solid foundation for global market expansion," said an official at LS Marine Solutions.
Earlier last month, LS Marine Solutions and LS Electric were selected as the preferred bidders for the supply of submarine cables for the Taean offshore wind farm in Chungcheongnam-do. LS Electric will be responsible for supplying the submarine cables, while LS Marine Solutions will handle the construction, providing an integrated solution from design to production and installation.
Analysts predict that the synergy between the two companies will further strengthen with the recent appointment of Kim Byung-ok, a former strategy and finance executive at LS Electric, as CEO of LS Marine Solutions.
This move follows LS Electric CEO Koo Bon-kyu's decision to concurrently serve as the CEO of a subsidiary for the first time since taking office, demonstrating the company's strong commitment to fostering the growth of LS Marine Solutions.
Meanwhile, LS Marine Solutions reported nearly double the sales and operating profit in the third quarter of last year compared to the same period the previous year, achieving its highest quarterly profit ever.
[Copyright (c) Global Economic Times. All Rights Reserved.]
