LS Marine Solution Achieves Record First-Quarter Sales of KRW 44.5 Billion

Reflecting Jeonnam Offshore Wind Cable Performance
Sales Surge by 225 Percent
First Overseas Order Achieved... KRW 22.7 Billion Taiwanese Offshore Wind Project
Anticipated Participation in the 'West Coast Energy Highway'

LS Marine Solution announced on May 8 that its sales for the first quarter of this year reached KRW 44.5 billion, a 225.3% increase compared to the same period last year, marking the highest first-quarter sales in the company's history.

LS Marine Solution's subsea cable laying vessel GL2030. Photo by LS Cable & System

Operating profit and net profit turned positive, reaching KRW 3 billion and KRW 2.7 billion, respectively.

The strong performance was attributed to the completion of the Jeonnam Offshore Wind Farm Phase 1 (96MW) construction and the inclusion of LS Buildwin's results, which became a subsidiary in the fourth quarter of last year.

Recently, the company also achieved its first overseas order in the power grid sector by signing a subsea cable installation contract worth USD 15.8 million (approximately KRW 22.7 billion) for a Taiwanese offshore wind farm, demonstrating continued success in overseas markets.

LS Marine Solution has been selected as the preferred bidder for large-scale offshore wind projects such as Anma (532MW) and Taean (500MW), and is currently preparing to sign the main contracts.

The company is also working to expand the loading capacity of its key installation vessel, 'GL2030', from the current 4,000 tons to a domestic maximum of 7,000 tons.

Kim Byungok, CEO of LS Marine Solution, stated, "We are strengthening our construction capabilities and equipment investment to keep pace with the increasing scale of offshore wind projects," adding, "We will continue to grow through the expansion of our offshore wind business, participation in the West Coast Energy Highway project, and entry into global markets."