LS Marine Solution Starts Malaysia Cable Project

LS Marine Solution's submarine cable-laying vessel GL2030 is loading submarine cables to be deployed in the Langkawi project in Malaysia at Donghae Port in Gangwon Province. (Provided by LS Marine Solution) 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-laying vessel GL2030 at Donghae Port in Gangwon Province. This business is a project that LS Cable & System won from the Malaysian state power company (TNB), and it involves connecting the mainland to Langkawi Island with a 132kV-class submarine cable. As soon as the loading is completed, GL2030 will move to Malaysia and is scheduled to complete the laying work within the year. This is LS Marine Solution's second overseas power business following the Taiwan Power Company's offshore wind farm (TPC2) project. In particular, GL2030, which was upgraded and expanded from the 4000-ton class to the 7000-ton class, will be deployed for the first time in this project. As its loading capacity has increased, it is equipped with the ability to continuously lay more than 100km of submarine cables without interruption. With all 3 of its vessels deployed to the field, the operation rate has also reached its peak. In addition to GL2030, other vessels are also carrying out submarine cable construction and maintenance businesses in Taiwan and the Pacific region. The plan is to maximize vessel operation efficiency to accelerate the targeting of large-scale projects at home and abroad. The financial growth trend is also clear. Having recently won the Sinan Ui submarine cable construction project worth 156.9 billion won ($120.69 million), the total order backlog has increased to about 820 billion won ($630.76 million). This figure exceeds 3 times the expected annual sales of 244.2 billion won ($187.84 million) for 2025. The future outlook is also positive. This is because securing additional work will be possible once the Sinan Ui and Taean offshore wind power projects proceed sequentially and the West Coast HVDC Energy Expressway project goes into full swing. An official from LS Marine Solution explained, "As we possess the only HVDC submarine cable construction track record in the country, we will continuously expand our participation in core power grid businesses."