LS Marine Solution, responsible for the construction and maintenance of subsea power cables and subsea communication cables, is seeing its stock price rise. This appears to be influenced by Meta Platforms (Meta), the parent company of Facebook and Instagram, unveiling the world's longest subsea cable construction project. Meta has planned to build subsea cables with abundant, ultra-high-speed connectivity necessary to lead global artificial intelligence (AI) innovation, including the establishment of three new subsea routes.
As of 3:01 PM on the 17th, LS Marine Solution is trading at 17,300 KRW, up 7.52% from the previous trading day.
On the 14th, Meta announced on its website, "Today, we are unveiling our most ambitious subsea cable project, 'Project Waterworth.'"
They added, "Upon completion, the project will be the world's longest subsea cable project, spanning 50,000 km?longer than the circumference of the Earth?using the world's most advanced technology across five continents."
Earlier, U.S. President Donald Trump and Indian Prime Minister Narendra Modi issued a joint statement on the 13th, stating, "To support enhanced connectivity in the Indian Ocean, the two leaders welcome Meta's announcement of a multi-billion-dollar, multi-year subsea cable project set to begin this year." The statement also included that "India plans to invest in the maintenance, repair, and financing of subsea cables in the Indian Ocean."
LS Marine Solution recorded sales of 130.3 billion KRW and an operating profit of 12.4 billion KRW last year. Sales increased by 84% compared to the previous year, marking the highest level since the company's establishment. The increase in sales reflected the cable construction performance for the Jeonnam Offshore Wind Power Phase 1 project and the fourth-quarter results of LS Buildwin, a subsidiary incorporated last year. The Jeonnam Offshore Wind Power project, the first offshore wind power project undertaken by LS Marine Solution, began in the second quarter of last year and drove sales growth.
LS Marine Solution plans to accelerate growth through expanding offshore wind power construction projects, participating in the 'West Coast Subsea Power Highway Project,' and entering the global market in cooperation with LS Cable & System.
Recently, LS Marine Solution signed a memorandum of understanding (MOU) for 'floating offshore wind power business cooperation' with LS Cable & System and UK marine engineering specialist Balmoral Comtec. LS Marine Solution will support the successful advancement of the project by maximizing the efficiency of floating offshore wind power cable installation and operation and providing stable maintenance support.
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