Acquisition of Installation-Focused Subsidiary to Strengthen Turnkey Competitiveness
Full-Scale Preparation for the West Coast Energy Expressway Project
Taihan Cable is expanding its submarine cable installation capabilities, aiming to strengthen its competitiveness in turnkey projects.
On July 28, Taihan Cable announced that it had acquired Ocean CNI, a company specializing in submarine cable installation. Taihan Cable secured management control by acquiring all shares held by Ocean CNI’s shareholders. The acquisition contract ceremony, held at Hoban Park Hall 2 in Seocho-gu, Seoul, was attended by Song Jongmin, Vice Chairman of Taihan Cable, and Yoon Jongmoon, CEO of Ocean CNI, among others.
Song Jongmin, Vice Chairman of Taihan Cable, and Yoon Jongmoon, CEO of Ocean CNI, are posing for a commemorative photo at the acquisition contract ceremony held on the 28th at Hoban Park Hall 2 in Seocho-gu, Seoul. Taihan Cable
This acquisition is seen as a strategic move to further enhance Taihan Cable’s existing submarine cable installation capabilities. Taihan Cable will focus on cable production, while Ocean CNI will concentrate on installation, thereby boosting their overall competitiveness in turnkey projects.
Ocean CNI, established in 2008, is a company specializing in submarine cable laying and engineering. It possesses a high level of expertise, human and material infrastructure, and a strong track record in the field of offshore installation solutions. Notably, Ocean CNI has built a portfolio by carrying out submarine cable installation and consulting for both domestic and international offshore wind power projects, including the Southwest Offshore Wind Power Project, as well as projects in Venezuela and the Philippines. Its extensive experience in a wide range of offshore installation operations-including various construction works for submarine cable protection and entrusted maintenance projects-is also considered a key strength.
In particular, Ocean CNI’s experience and track record in operating cable-laying vessels are expected to contribute to enhancing the operational capabilities of Taihan Cable’s cable-laying vessel (CLV), the Palos. The Palos, which Taihan Cable acquired in November 2023 to strengthen its submarine cable installation capabilities, is the first domestically owned CLV in Korea. Its performance was demonstrated by the successful completion of the entire external cable laying for the Yeonggwang Nakwol Offshore Wind Power Project, which has contributed to stabilizing the supply chain in Korea’s offshore wind market.
Through this acquisition, Taihan Cable has internalized its installation and engineering capabilities, as well as its installation track record. As a result, the company can now directly manage the entire value chain of submarine cables, from design and manufacturing to transportation, installation, engineering, and maintenance. Taihan Cable is expected to demonstrate solid competitiveness in turnkey projects.
Additionally, after the acquisition, the company plans to continuously invest in equipment and recruit outstanding talent to further enhance its expertise and reliability in the field of offshore installation. Its goal is to become a globally trusted offshore installation specialist.
Building on this competitiveness, Taihan Cable plans to actively participate in high-voltage direct current (HVDC) and both domestic and international turnkey bids. Since there are only a few companies worldwide with both submarine cable production and installation capabilities, Taihan Cable expects to strengthen its global market position and secure a variety of new business opportunities.
A Taihan Cable representative stated, “Through this acquisition, we have internalized our submarine cable installation capabilities and further strengthened our ability to respond to turnkey projects. By advancing our business capabilities, we will actively respond to the growing demand for submarine cables and play a key role in the market, including preparations for the West Coast Energy Expressway project.”
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