LS Marine Solution Wins $15.8m Contract for Subsea Cable Installation in Taiwan

South Korea’s LS Marine Solution has secured a significant contract worth $15.8 million for the installation of subsea cables at a wind farm located off the coast of Taiwan. This marks a milestone for the company as it represents their first venture into international markets and the global subsea cable industry.

The contract pertains to the second phase of the TPC offshore wind project, a development led by the Taiwan Power Company. The wind farm is set to have a capacity of 294.5MW and plays a crucial role in Taiwan’s renewable energy goals. The Taiwanese government aims to establish 5.6GW of offshore wind farms by 2025 and ultimately reach a total capacity of 20.6GW by 2035.

CEO of LS Marine Solution, Kim Byeong-ok, expressed his excitement about the project, stating, “Based on our accumulated technology and experience as a first-generation domestic undersea cable construction company, we have successfully made our first step into the overseas power grid market. This project in Taiwan will serve as a catalyst for further expansion into the global market.”