LS Marine Solution is showing strong performance. Interest in underwater resources is growing due to the development of deep-sea gas fields in the East Sea. The government will start drilling exploration at the end of this year to confirm the presence of resources beneath the seabed. If oil and gas deposits are confirmed, South Korea, previously considered a 'resource-poor country,' will leap to become the world's 11th largest oil-producing country (based on reserves). This is why attention is focused on underwater resources. The government estimates the economic value to be as high as 2,300 trillion won.
Not only oil and gas, but rare earth elements, which are essential minerals for producing mobile phones and electric vehicles, are mostly buried in the sea. Major countries are conducting underwater explorations to find seabed resources. According to the United Nations Ocean Conference, about 23% of the world's seabed topography has been precisely mapped. The remaining 77% is expected to be completed around 2030. Priority rights are granted to those who first access undeveloped deep-sea minerals. If rare metals called the vitamins of industry, such as manganese nodules and hydrothermal deposits, are discovered first, the discoverers can claim rights.
At 11:12 a.m. on the 4th, LS Marine Solution was trading at 19,770 won, up 11.51% from the previous day.
LS Marine Solution announced that it has signed a Memorandum of Understanding (MOU) with the Korea Research Institute of Ships and Ocean Engineering (KRISO) regarding the exploration and development of underwater resources. They agreed to cooperate on discovering new businesses and developing technologies, starting with the exploration of seabed minerals and gas resources.
LS Marine Solution plans to actively utilize its experience in underwater cable installation, accumulated expertise in seabed geological surveys, vessel operation know-how, as well as specialized underwater vessels and underwater exploration equipment. KRISO, a government-funded research institute under the Ministry of Oceans and Fisheries, has led technology development in shipbuilding, offshore plants, marine equipment, and marine safety for over 50 years.
Lee Seung-yong, CEO of LS Marine Solution, said, "The importance of securing core minerals such as rare earth elements is increasing," adding, "We will expand our business from focusing on underwater cable installation to marine energy development through this MOU."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
