Posted on April 30, 2025
Synergy with LS Cable & System…Taiwan’s Market Preoccupation at 2.5 trillion won
LS Marine Solution announced on the 28th that it has succeeded in signing a $15.8 million (about 22.7 billion won) subsea cable burial contract at Taiwan’s offshore wind farm.
This contract is the first overseas expansion case for a domestic submarine cable contractor. It is evaluated that LS Marine Solution has provided an opportunity to preoccupy Taiwan’s offshore wind power seabed construction market, which totaled 2.5 trillion won with this order.
The Taiwanese government is pursuing a long-term roadmap in stages 1, 2, and 3 with the aim of securing a total of 20.6 GW of offshore wind power generation capacity by 2035. This project is equivalent to the first stage and is a project to create the “TPC Offshore Wind Power Complex 2” promoted by the Taiwan Electric Power Corporation (TPC) with a scale of 294.5MW.
It is evaluated that this order laid the foundation for preoccupying Taiwan’s undersea construction market, which is expected to be worth a total of 2.5 trillion won by combining the 2nd and 3rd phases in the future. The company has accumulated technology by carrying out the international submarine network construction project ordered by global IT companies for the past 30 years, and has expanded its business to the power grid since the acquisition of LS Cable.
In particular, as LS Cable & System has exclusively supplied ultra-high-pressure submarine cables worth about 1 trillion won in Taiwan’s first phase of offshore wind power project, the LS Marine Solution’s entry into construction is expected to have synergy effects that encompass manufacturing and construction.
“Based on our technology and experience accumulated as the first-generation submarine cable construction company in Korea, we have successfully taken our first step into the overseas power grid market,” said Kim Byung-ok, CEO of LS Marine Solutions. “We will further expand our entry into the global market with this Taiwan project.”
