LS Marine, LS Buildwin integrate to enhance offshore competitiveness

CEO Koo Bon-kyu

Submarine cable installation specialist LS Marine Solution Co. has integrated LS Buildwin, a subsidiary of LS Cable & System Ltd. specializing in underground cable construction. The move aims to enhance LS Marine Solution’s competitiveness in securing offshore wind power projects with its capabilities in both submarine and underground cable installation.

LS Marine Solution held a board meeting on Monday where it announced the integration of LS Buildwin, which is wholly owned by LS Cable & System, as its subsidiary via LS Cable & System’s participation in LS Marine Solution’s third-party allotment capital increase. LS Cable & System will transfer its entire shareholding in LS Buildwin to LS Marine Solution by way of a contribution in kind.

LS Marine Solution completed the vertical integration of its power cable manufacturing with the integration, which allows the company to offer customers a one-stop solution and strengthen its competitiveness in the global market. The company also expects to achieve economies of scale by expanding its presence in the power cable installation sector.

“Vertical integration has enabled us to increase our expertise and efficiency, alongside benefits such as cost reduction, quality maintenance and shorter construction times,” the company said.

LS Cable & System chief executive officer Koo Bon-kyu will also serve as CEO of LS Marine Solution following the subsidiary‘s general meeting of shareholders and board of directors in October 2024. To facilitate this, the board of directors of LS Marine Solution approved the appointment of Koo as an internal director during the meeting.