LS Marine Solution Expands Offshore Wind, HVDC, and Defense Businesses... Achieves Record Results Since Founding

Record-High Performance Since Founding... Sales Surge by 84%
Submarine Communication Network Construction Expertise Lays Foundation for Entry into Strategic Industries
Full-Scale Push into HVDC Power Grid Business... Only Domestic Company with Commercialization Experience
Success in Jeonnam Offshore Wind Power Complex 1... Targeting Follow-Up Projects for 8.2GW Expansion

LS Marine Solution achieved its highest performance since its founding last year, driven by an increase in orders for strategic infrastructure such as offshore wind power, high-voltage direct current (HVDC) power grids, and the defense industry.

Following the successful execution of the offshore wind power project in Sinan, Jeonnam, the company is now actively participating in subsequent projects. In line with the government’s renewable energy policy, LS Marine Solution is also aggressively pursuing participation in the construction of the West Sea HVDC submarine power grid. The company continues its growth by securing more orders in overseas markets, including Taiwan.

As an LS Group affiliate, LS Marine Solution recorded consolidated sales of 130.3 billion KRW and operating profit of 12.4 billion KRW last year. Sales increased by 84% compared to the previous year, marking the highest performance since the company’s establishment. This achievement is attributed to the company’s expansion into various strategic industries, leveraging its technical expertise and experience as a specialized submarine cable construction company.

The company has accumulated construction know-how in complex submarine environments by carrying out international submarine communication network projects for over 30 years for global big tech companies such as Meta and Microsoft. Based on this experience, LS Marine Solution has established a foundation for business expansion into high value-added infrastructure sectors, including submarine power grids, offshore wind power, and defense.

In particular, in the HVDC sector, LS Marine Solution, together with LS Cable & System, is the only company in Korea to have carried out a commercialized long-distance submarine HVDC cable project. Globally, only six companies, including LS Cable & System, have succeeded in commercializing submarine HVDC.

The two companies possess turnkey capabilities, providing everything from submarine cable manufacturing to submarine burial, connection, and maintenance. This gives them a competitive edge in the construction of the West Sea offshore HVDC power grid.

LS Marine Solution submarine cable laying vessel. LS Marine Solution

In November last year, LS Marine Solution successfully completed the installation of submarine cables for the ‘Jeonnam Offshore Wind Power Complex 1’ in Sinan-gun, Jeonnam. This complex is set to expand to a total capacity of 8.2 gigawatts (GW) by 2035, making it the world’s largest offshore wind power project. Based on this achievement, LS Marine Solution is accelerating its efforts to win follow-up projects.

The company has also begun to expand overseas in earnest. LS Marine Solution became the first Korean company to enter the overseas offshore wind submarine cable construction market by winning a 15.8 million USD submarine cable installation contract for the ‘TPC Offshore Wind Power Complex 2 (294.5 MW)’ project commissioned by Taiwan Power Company (TPC). The company is also keeping open the possibility of winning additional large-scale follow-up projects in Taiwan, which are worth several trillion KRW.

In the defense sector, LS Marine Solution is expanding its market by responding to the demand for national defense infrastructure based on submarine optical cable technology. As demand increases for the security of information and communication networks and for the construction of military networks based on submarine infrastructure, the company’s technological capabilities are drawing attention.

Kim Byungok, CEO of LS Marine Solution, stated, “We will further solidify our technological leadership in future strategic industries such as HVDC, offshore wind power, and defense,” adding, “We aim to grow into a company that contributes to strengthening national infrastructure and security.”