LS Marine Solution Wins 156.9 Billion Won Submarine Cable Deal
The contract with Hanwha Ocean covers cable work for the Shinan Ui offshore wind project and lifts LS Marine Solution's order backlog to about 816.9 billion won.
LS Marine Solution has signed a submarine cable construction contract worth 156.9 billion won with Hanwha Ocean for the Shinan Ui offshore wind project, according to bloter.net. The scope covers the full cable works, from transport to laying and burial, with the schedule running through 2028.
The deal adds to the company's order backlog, which now stands at about 816.9 billion won.
LS Marine Solution reported revenue of 148.2 billion won for the first half of 2025, up 33% year-on-year, while operating profit rose 61% to 10.3 billion won over the same period.
More offshore wind work in the pipeline
The company is in negotiations for the Taean offshore wind submarine cable contract and is the preferred bidder for the Shinan Haesong 1 and 3 offshore wind projects.
On the fleet side, the existing cable-laying vessel GL2030 completed upgrades in July that raised its capacity from 4,000 tons to 7,000 tons. A new 13,000-ton HVDC cable-laying vessel is planned for deployment in the first half of 2028.
At the end of the first half of this year, LS Marine Solution's order backlog was about 660 billion won, and its consolidated revenue for last year was 244.2 billion won.
Quick answers
How much is the LS Marine Solution contract with Hanwha Ocean worth?
The submarine cable construction contract for the Shinan Ui offshore wind project is worth 156.9 billion won.
What work does the contract cover?
It runs from cable transport to laying and burial, with work scheduled through 2028.
When will LS Marine Solution's new cable-laying vessel enter service?
A new 13,000-ton HVDC cable-laying vessel is planned for deployment in the first half of 2028.