[Interview] Gu Youngheon, CEO of LS Marine Solution, "We Will Secure the 8 Trillion Won West Sea Undersea Power Project"

Honam~West Coast Ultra-High Voltage Transmission Project Benefits
"Only Domestic Experience in Long-Distance Submarine Cable Installation"
"Will Introduce Laying Ships and Expand Burial Vessels"

All attention of Koo Young-heon, CEO of LS Marine Solution who has been in office for about a month, is focused on the 8 trillion won-scale West Sea Undersea Power Highway project. The West Sea Undersea Power Highway project refers to the undersea HVDC (High Voltage Direct Current) installation project announced by the government and Korea Electric Power Corporation last May. It involves transmitting nuclear power (Hanbit Nuclear Power Plant in Yeonggwang-gun, Jeollanam-do) and renewable energy power generated in the Honam region to industrial complexes in the metropolitan area. The government plans to invest a total of 7.9 trillion won by 2036 in the Shin-Haenam~Taean~West Incheon (430 km) section and the Saemangeum~Taean~Yeongheung (190 km) section.

Gu Youngheon, Co-CEO of LS Marine Solutions, is being interviewed by Asia Economy on the 26th at the LS Cable Central Research Institute in Dangjeong-dong, Gunpo-si, Gyeonggi-do. Photo by Yongjun Cho jun21@

LS Marine Solution is an LS Group affiliate specializing in undersea cable construction and maintenance. In an interview with Asia Economy held on the 26th of last month at the LS Cable Central Research Institute in Gunpo, Gyeonggi Province, CEO Koo said, "We regard the West Coast Undersea Power Highway project, a government project supplying power to the Yongin semiconductor cluster and others, as LS Marine Solution's core business."

CEO Koo is putting his life on winning the West Coast Power Highway project because he believes that as the only domestic company with construction capabilities, they can benefit from it. The company has already successfully participated in the country's longest undersea cable project, the 'Jeju 3-Link Undersea Cable' (Wando-gun, Jeollanam-do to Jeju, 90 km section), together with its parent company LS Cable.

LS Marine Solution plans to install a total of 620 km of West Coast HVDC undersea cables in the sea to stably supply power to advanced industrial complexes such as the Yongin semiconductor cluster. To this end, they are introducing the largest domestic 10,000-ton class overseas business undersea cable laying vessel (CLV) and expanding the loading capacity of the domestic business barge-type vessel (CLB) from 4,000 tons to 7,000 tons, making thorough preparations to seize undersea cable order opportunities.

CEO Koo emphasized LS Marine Solution's technology and experience, saying, "The only companies in Korea with experience in long-distance undersea cable installation are LS Cable and LS Marine Solution." LS Marine Solution is expanding its business capabilities by establishing a turnkey (integrated order) business model together with LS Cable.

In particular, on the 4th, Koo Bon-gyu, the third-generation owner and CEO of LS Cable, will be appointed as co-CEO of LS Marine Solution after the board meeting. It is expected that they will create synergy in their respective areas of expertise. CEO Koo Bon-gyu will mainly handle external sales, while CEO Koo Young-heon will be responsible for internal management. LS Marine Solution plans to carry out undersea cable projects in Asia, North America, and Europe together with LS Cable.

Gu Youngheon, Co-CEO of LS Marine Solution, is being interviewed by Asia Economy on the 26th at the LS Cable Central Research Institute in Dangjeong-dong, Gunpo-si, Gyeonggi-do. Photo by Jo Yongjun jun21@

To strengthen its business capabilities, LS Marine Solution is promoting plans to newly introduce overseas business CLVs and upgrade domestic business CLB vessels. This is a strategic move to more aggressively carry out undersea cable transportation and installation.

CLVs perform 'dynamic cable' work for global offshore wind power, transmission, and floating offshore wind power, while CLBs are mainly used for domestic projects such as the Southwest Sea offshore wind power complex. CLBs are suitable for use in areas with flat bottoms, shallow depths, and large tidal ranges, making them advantageous in the West Coast region. On the other hand, CLVs can operate in deep waters, so they have some limitations in the West Sea.

Currently, LS Marine Solution owns a total of three vessels, including the CLB named 'GL2030', a cable laying vessel, and a burial vessel. CEO Koo said, "We plan to acquire additional vessels." It is known that LS Marine Solution plans to finalize this year a plan to invest 200 billion won to purchase a new CLV of over 10,000 tons, targeting delivery in 2028.

CEO Koo said he is reviewing investment in an internal project to upgrade the loading capacity of the current 4,000-ton CLB to 7,000 tons. This is the result of judging that not only the expansion of new overseas business CLVs but also the upgrade of domestic business CLBs are necessary.

He said, "Currently, projects are mainly carried out about 10 to 15 km away from the coast, but as projects are expected to increase in areas more than 20 km away from the coast soon, we are promoting the upgrade of the CLB (GL2030)." As the offshore wind power market expands, projects are increasing in areas far from the coast, making the upgrade of CLB vessels essential. The farther from the coast, the higher and more uniform the wind speed, improving wind power generation efficiency.

He explained, "After 2026, most offshore wind power-related projects are expected to require a loading capacity of over 5,000 tons. The internal project review to increase the CLB loading capacity to 7,000 tons is currently in its final stages."