LS Marine Solution anticipates record earnings

By Park Jae-hyuk

LS Marine Solution is set to post its record annual sales and operating profit this year, buoyed by the submarine cable installer’s series of collaborations with its parent firm, LS Cable & System (C&S).

During the third quarter of this year, LS Marine Solution’s operating profit reached a record high of 7.2 billion won ($5 million), up 77 percent from a year earlier. Its quarterly revenue also jumped 86 percent from a year earlier to 37.4 billion won.

The company has continued to cooperate with its parent firm during the fourth quarter.

Earlier this month, LS C&S and LS Marine Solution announced the completed installation of 90-kilometer high-voltage direct current cables connecting Wando County, South Jeolla Province and Jeju Island. The project was the largest procurement deal for LS C&S since 2009.

The successful completion showed that LS C&S and LS Marine Solution have created synergy after the latter’s inclusion as the former’s subsidiary. LS Marine Solution was previously KT Submarine before the acquisition by LS C&S in 2023.

Last month, LS C&S and LS Marine Solution finished the installation of submarine cables for the Jeonnam 1 offshore wind farm off the coast of South Jeolla Province, which was the first stage in the project to build the world’s largest offshore wind complex by 2035.

The first-ever collaboration between the two companies in the offshore wind power sector is expected to help their expansion in the global offshore wind power industry.

Additionally, LS C&S and LS Marine Solution were selected last month as the preferred bidders to supply submarine cables for the Taean offshore wind farm, which will be built off the coast of South Chungcheong Province by Singapore’s Vena Energy by 2029. While LS C&S will supply submarine cables for the project, LS Marine Solution will be tasked with installation.

Another favorable factor for LS Marine Solution’s growth is the recent inclusion of LS Buildwin as its subsidiary, given that the new subsidiary specializes in installing underground cables.

In LS Group’s recent executive reshuffle, LS C&S Chief Strategy Officer Kim Byeong-ok was appointed as a co-CEO of LS Marine Solution.

Another co-CEO is LS C&S CEO Koo Bon-kyu, a grandson of the late LS C&S Honorary Chairman Koo Tai-hwoi, a younger brother of the late LG Group founder Koo In-hwoi. The heir has led both LS C&S and LS Marine Solution since October.