LS Marine Solution sees record growth leveraging LS Cable

The GL2030, a specialized submarine cable laying vessel acquired from LS Cable & System for 3 billion won ($2.2 million), readies for deployment with the Bigeumdo-Anjwa Undersea Cable Project. (LS Marine Solution)

LS Marine Solution, a South Korean firm specializing in the installation and maintenance of submarine power and communication cables, reported Wednesday a record increase in sales and profit for the first half of the year.

The company credited the increase to the synergy with its affiliate LS Cable & System. This partnership yielded significant contracts, including the Bigeumdo-Anjwa Undersea Cable Project.

In the first six months of this year, LS Marine Solution recorded sales of 26.5 billion won ($20 million), an operating profit of 7 billion won, and a net profit of 6.2 billion won. These figures marked its highest operating and net profits in two decades.

With contract orders amounting to 60 billion won, the company has already surpassed last year's sales figures by almost 150 percent. The firm projects this momentum to be sustained, propelled by Korea's aggressive expansion into offshore wind energy infrastructure.

A significant contributor to this growth is the contract signed last month for the Bigeumdo-Anjwa Undersea Cable Project. It aims to connect Bijeumdo Solar Farm and Anjwa Island over a 7-kilometer undersea stretch as part of South Korea's commitment to expand its green energy grid.

For cable installation, LS Marine Solution will deploy the GL2030, which is LS Cable & System's specialized submarine cable laying vessel acquired for 3 billion won.

The company explained that the vessel is equipped with a Dynamic Position system that ensures accurate and stable cable laying operations. It compensates for the ocean's unpredictability, such as strong winds and high waves, maintaining the vessel's exact position and allowing for optimal cable installation.

LS Marine Solution was formerly known as KT Submarine, but rebranded last month following its strategic incorporation into the LS Group.

By Moon Joon-hyun(mjh@heraldcorp.com)