Expansion of West Coast Power Grid Project... LS Marine Solution Expected to Benefit from Policy

Possibility of Accelerated West Coast Power Grid Project Under Presidential Pledge
LS Marine Solution, Korea’s Only Company With Dedicated Laying Vessels and Construction Experience
Expanding Participation in Core Infrastructure Projects: Power Grid, Wind Power, and Defense
Performance Improvement Continues Alongside Overseas Project Wins
Laying the Foundation for Mid- to Long-Term Growth With Investment in Large-Scale Laying Vessel

With the election of President Lee Jaemyung, LS Marine Solution's offshore HVDC (high-voltage direct current transmission network) business is attracting attention. This is because the company is expected to play a larger role in the government-led power grid projects.

On June 4, the power industry focused on President Lee Jaemyung's announcement that an "energy highway" would be built along the west coast by 2030. This project involves laying submarine transmission lines to deliver electricity generated in southern regions such as Jeonnam and Jeonbuk to the Seoul metropolitan area. There are two sections: 430 km from the Jeonnam coast to Taean in Chungnam and Seo Incheon, and 190 km from Saemangeum to Taean and Yeongheung in Incheon, with a total project value of 8 trillion won.

Korea Electric Power Corporation (KEPCO) had planned to complete the project by 2036, but President Lee announced that the timeline would be moved up by six years.

This project requires specialized vessels for laying cables under the sea. In Korea, LS Marine Solution is virtually the only company equipped with both dedicated vessels and actual construction experience. The company owns vessels named "Segyero," "Miraero," and "GL2030," and is currently upgrading "GL2030" to increase its loading capacity to 7,000 tons. Recently, LS Marine Solution decided to invest 345.8 billion won to build a new large-scale vessel with a 13,000-ton capacity. This vessel will be capable of installing both electric cables and communication lines simultaneously.

LS Marine Solution submarine cable laying vessel. LS Marine Solution

LS Marine Solution, together with LS Cable & System, is the only company in Korea with experience in long-distance submarine transmission cable projects. The two companies possess the technology to handle the entire process, from cable manufacturing to installation.

Last year, the company gained recognition for its technical capabilities by installing submarine cables for a wind power plant off the coast of Sinan, Jeonnam. This area is planned to be expanded into the world's largest offshore wind power complex by 2035. LS Marine Solution is also expected to participate in additional construction projects in the future.

These projects have been reflected in the company's performance. In 2024, LS Marine Solution recorded sales of 130.3 billion won and operating profit of 12.4 billion won, marking an 84% year-on-year growth and the highest results in its history.

The company has also achieved results overseas. LS Marine Solution secured a 15.8 million dollar (approximately 21 billion won) offshore wind power construction contract in Taiwan, becoming the first Korean company to enter the overseas submarine cable construction market. Additional projects worth several trillion won are also planned in Taiwan.

In addition, LS Marine Solution is expanding its defense industry business using submarine communication cables. CEO Kim Byungok stated, "We will continue to enhance our technology in areas such as electric power transmission, offshore wind power, and the defense industry," and added, "We aim to contribute to national infrastructure and security."