■ ‘Swept’ the ultra-high pressure submarine cable market for Taiwan Offshore Wind Power Project I
■ 2 trillion won worth of orders expected in the second and third projects in 2023
■ Preliminary action of acquiring submarine construction company KT Submarine for increased orders in the future
LS C&S announced on December 9 that it has concluded a submarine cable supplier agreement worth 150 million euros (approx. 209.2 billion won) with Hai Long Offshore Wind Power.
This Agreement is a formal one following the preferred bidder agreement concluded between the two companies back in October last year.
As a result, LS C&S has successfully won all of its bids for the rights to supply ultra-high pressure submarine cables for Taiwan Offshore Wind Power Complex Project I so far. The total contract amount is approximately 800 billion won.
Hai Long Offshore Wind Farm is one of the largest offshore wind farms in Taiwan, and features Northland Power of Canada and Yushan Energy of Singapore as joint developers. When the construction is complete in 2026, the complex is expected to produce 1 GW of electricity, which is equivalent to the output of a nuclear reactor.
Taiwan is promoting three projects between 2020 to 2035 to develop offshore wind farms that will be able to produce 15 GW of electricity in total. The company expects the submarine cable market cap to reach around 2 trillion won as orders are placed for the second and third projects next year.
LS C&S recently acquired a stake in KT Submarine, a submarine construction company, to enhance its construction capabilities ahead of the rapid growth of the submarine cable market. The company is expecting synergy between the two companies to result in more contracts overseas utilizing the submarine construction technology and vessel operating capabilities of KT Submarine.
LS C&S loading submarine cables onto the cable laying vessel at the Port of Donghae in Gangwon-do Province.
