LS Marine Solution anticipates record earnings

LS Marine Solution is achieving new milestones this year, with record-breaking sales and profits. The company specializes in submarine cable installation and has greatly benefited from its partnership with its parent company, LS Cable & System (LS C&S). This collaboration has helped LS Marine Solution grow in the marine and renewable energy sectors, setting a strong foundation for the future.

Financial Success in 2023

The company has seen impressive financial growth. In the third quarter alone, LS Marine Solution reported an operating profit of 7.2 billion won (around $5 million). This is a 77% increase compared to the same period last year. The revenue for the quarter also grew by 86%, reaching 37.4 billion won.

This strong performance highlights the company’s ability to identify and seize market opportunities. It has also continued this momentum into the fourth quarter, showing no signs of slowing down.

Key Projects Driving Growth

1. Wando County to Jeju Island Cable Installation

LS Marine Solution recently partnered with LS C&S to install 90 kilometers of high-voltage direct current (HVDC) cables connecting Wando County in South Jeolla Province to Jeju Island. This project is the largest procurement deal for LS C&S since 2009, showcasing the strength of their collaboration.

2. Offshore Wind Energy Initiatives

The company completed the installation of submarine cables for the Jeonnam 1 offshore wind farm, part of a larger plan to build the world’s largest offshore wind complex by 2035. This project positions LS Marine Solution as a key player in the global renewable energy market.

3. Taean Offshore Wind Farm

LS Marine Solution and LS C&S have been chosen as the preferred bidders for the Taean offshore wind farm project. Located off South Chungcheong Province, this project is led by Singapore’s Vena Energy and is expected to finish by 2029. LS Marine Solution will install the cables, while LS C&S will supply them.

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Strategic Moves and Leadership

To strengthen its capabilities, LS Marine Solution recently added LS Buildwin as a subsidiary. LS Buildwin specializes in installing underground cables, complementing LS Marine Solution’s expertise in submarine cable installation. This move expands the company’s portfolio and opens up new growth opportunities.

Leadership changes have also supported the company’s success. Kim Byeong-ok, the Chief Strategy Officer of LS C&S, has been appointed co-CEO of LS Marine Solution. He shares this role with Koo Bon-kyu, the current CEO of LS C&S and a key figure in the LS Group. Their combined leadership is expected to guide the company toward sustained growth.

Future Outlook

LS Marine Solution is positioned for continued success. Its collaboration with LS C&S and its focus on renewable energy projects have helped the company grow rapidly. With new projects like the Taean offshore wind farm and expanded capabilities through LS Buildwin, the future looks bright for LS Marine Solution.

By focusing on strategic partnerships and innovative solutions, the company is set to remain a leader in the submarine cable and renewable energy markets.