LS Marine Solution Starts Malaysia Cable Project
LS Marine Solution is expanding its overseas power grid business territory by entering the Malaysian submarine cable market, following its entry into Taiwan. The company has completed full-scale construction preparations by loading submarine cables for the Langkawi project in Malaysia onto the cable
LS Marine Solution, an overseas power grid firm, is set to launch its operations in Malaysia's submarine cable market. This expansion comes after the company's recent entry into Taiwan's cable market. The Malaysian state power company, TNB, awarded LS Cable & System the Langkawi project, which involves connecting the mainland to the island with a 132kV-class submarine cable.
The project, which was won by LS Cable & System, requires the 7000-ton class GL2030 vessel to lay over 100km of cables continuously without any breaks. As soon as the loading of the submarine cables is completed at Donghae Port in Gangwon Province, the GL2030 will depart for Malaysia. The vessel, which has been upgraded from its previous 4000-ton class, is equipped to handle the increased loading capacity.
With all three vessels currently deployed to the field, the company's operation rate has reached its peak. The financial growth of LS Marine Solution is also on an upward trend, with the company recently securing a submarine cable construction project in South Korea worth 156.9 billion won ($120.69 million). This brings the total order backlog to approximately 820 billion won ($630.76 million), exceeding the expected annual sales of 244.2 billion won ($187.84 million) for the year 2025.
The company's future outlook remains positive, as additional work is expected as the Sinan Ui and Taean offshore wind power projects progress, along with the expansion of the West Coast HVDC Energy Expressway project.
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