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LS Marine Solution to build sales base in Taiwan to enter subsea market

Collected: 2023.10.04

Distributed: 2023.10.05

Source: Go Direct

[Courtesy of LS Cable & System]

South Korean undersea cable company LS Marine Solution Co. announced Wednesday that it will establish a sales base in Taipei City, Taiwan to enter the country’s subsea business.

It will be the first overseas base for a Korean subsea business. Once it is established, LS Marine Solution plans to use it as a foundation to win orders for subsea construction projects, which are estimated at about 2.5 trillion won ($1.84 billion).

The company will also work with LS Cable & System Ltd. to build a sales network, strengthen customer marketing, and find suppliers.

Taiwan plans to complete a 5.5 gigawatts (GW) wind farm by 2025 and expand the facility by 15GW by 2035, which is equivalent to a capacity of about 20 1GW nuclear power plants.

LS Cable & System has won the right to supply the entire 1 trillion won worth of ultra-high voltage submarine cable orders in Taiwan since 2018. LS Marine Solution also has know-how on climate, tides, and geological surveys as it has constructed a 22-kilometer-long submarine cable between Taiwan’s Penghu Islands in the west and the main island in 2017.

“We expect to be able to win turnkey orders for cable materials and construction projects as a consortium with LS Cable & System,” LS Marine Solution said.

The company has recently been selected as the preferred bidder for the Anma Offshore Wind project in South Jeolla Province, the largest offshore wind farm project in Korea, and is creating synergies by collaborating with LS Cable & System.

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