LS Marine Solution is accelerating its domestic and global market expansion following its successful debut in offshore wind subsea cable installation.

According to industry sources on April 23, LS Marine Solution successfully completed subsea cable installation at the 96-megawatt Jeonnam 1 Offshore Wind Farm project in Sinan County, South Jeolla Province, in November last year. The project marked the company’s first offshore wind installation, and it has since earned recognition for its technical capabilities and reliability. The experience is expected to serve as a strategic springboard for the company’s entry into global markets.

Jeonnam 1 Offshore Wind Farm is currently undergoing test operations and is scheduled to begin commercial service in June. Widely regarded as the world’s largest offshore wind development, the full complex is expected to reach a total capacity of 8.2 gigawatts by 2035. LS Marine Solution is actively seeking participation in subsequent projects, including Farm 2 and 3.

The company has been named the preferred bidder for additional offshore wind projects, including the 532-megawatt Anma project in South Jeolla Province and the 500-megawatt Taean project in South Chungcheong Province, and is nearing the conclusion of final contracts. It is also in discussions to participate in offshore wind projects in Taiwan.

To bolster its capabilities, LS Marine Solution is planning to build both service operation vessels (SOVs) for offshore wind support and the world’s largest dedicated subsea cable installation vessel. These initiatives are part of the company’s strategy to gain a competitive edge in the global offshore wind market.

Buoyed by momentum in the offshore wind sector, LS Marine Solution posted record financial results in 2024. The company reported sales of 130.3 billion won (approximately $91.23 million), up 84% from the previous year, along with an operating profit of 12.4 billion won. The strong performance was attributed to the successful execution of the Jeonnam project and solid results from subsidiary LS Buildwin.

An LS Marine Solution official said, “We will continue to strengthen our global competitiveness through the new SOV business and our ultra-large subsea cable installation vessel,” adding, “We also plan to actively participate in the construction of the West Coast high-voltage, direct current (HVDC) power highway project, contributing to the expansion of the national energy infrastructure.”

Source:Business Korea