LS Marine Solution joins LS Buildwin... "New start as integrated marine and land cable construction company"

CEO Gubongyu's Dual Role Strengthens 'Responsible Management'... Synergy with LS Cable
"Record High Sales This Year... Triple Growth Compared to Last Year Expected Next Year"

LS Marine Solution is making a fresh start as an integrated cable construction company encompassing both onshore and subsea cable installation capabilities by incorporating LS Buildwin as a subsidiary. Koo Bon-gyu, CEO of LS Cable & System, will concurrently serve as CEO of LS Marine Solution to strengthen synergy with LS Cable & System and enhance competitiveness in securing orders.

LS Marine Solution's laying vessel GL2030.
[Photo by LS Marine Solution]

On the 7th, LS Marine Solution announced that it had received approval from the Busan District Court for the incorporation of LS Buildwin as a subsidiary.

With this incorporation, LS Marine Solution has reached an important turning point for expanding its construction business and strengthening global competitiveness. By integrating offshore and onshore cable construction, LS Marine Solution will enhance expertise and efficiency, securing various advantages such as cost reduction, quality maintenance, and shorter construction periods. A company official stated, "With Koo Bon-gyu, CEO of LS Cable & System, concurrently serving as CEO of LS Marine Solution, responsible management will be strengthened," adding, "Synergies in offshore and onshore power cable businesses with LS Cable & System will also become visible."

In particular, since most large-scale offshore wind projects in Europe are conducted on a turnkey (integrated order) basis, the company expects that strengthening order competitiveness after incorporating LS Buildwin will allow it to gain an advantage in the global market.

There is also a possibility of breaking the record for the highest sales ever. Once the paid-in capital increase is completed this month, LS Marine Solution’s sales for this year will include LS Buildwin’s fourth-quarter (October to December) sales. Accordingly, LS Marine Solution’s annual sales are expected to reach approximately 130 billion KRW, nearly doubling compared to the previous year (70.8 billion KRW). Total assets are also expected to increase from 194.5 billion KRW as of the end of June to about 270 billion KRW.

LS Marine Solution recorded sales of 52 billion KRW in the first half of the year through participation in the Jeonnam offshore wind power project. This performance nearly doubled compared to the same period last year. The company expects to achieve the highest sales ever this year. Next year’s sales are projected to reach around 200 billion KRW, about three times last year’s figure. A company official said, "With the expansion of the offshore wind power market and the promotion of the Service Operation Vessel (SOV) business supporting offshore wind power construction, next year’s sales are expected to reach approximately 200 billion KRW."