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| LS Marine Solution's GL2030 barge lays submarine cables. Courtesy of LS Marine Solution |
By Ko Dong-hwan
Korean maritime project developer LS Marine Solution achieved the highest sales in the company's history during the first six months of this year. This success signals rising demand for maritime construction projects to build more renewable energy power plants in the country's coastal waters.
LS Marine Solution on Wednesday reported 6.2 billion won ($4.7 million) in net profit, 7 billion won in operating profit and 26.5 billion won in sales during the first half of the year alone. The figures are the highest in the company's 20-year history.
Future contracts inked during the same period reached 60 billion won, surpassing last year's 42.8 billion won. The company said it will hopefully secure more deals in the near future as more zones in the country's coastal waters are being designated for offshore wind power and photovoltaic panel installations to boost carbon emission-free power generation.
The company's latest construction deal was signed with LS Cable and System (C&S), its largest shareholder, on Aug. 29. The turnkey order was won by LS C&S last January. LS Marine Solution made 3 billion won from the project. It will lay electric cables over a 7-kilometer-long section beneath the seabed in waters off Shinan County, South Jeolla Province, between a PV plant on Bigeum Island and Anjwa Island.
LS Marine Solution said it will deploy a special barge called GL2030 to lay the cables under the seabed in Shinan. Equipped with a "Dynamic Position" system, the vessel can precisely lay cables under water. The technology allows the ship to maintain accuracy even under gale-force winds and high waves, according to the company.
Prior to signing the Shinan County project, LS Marine Solution had signed another submarine cable installation project with LS C&S in waters near Jeju Island.
LS C&S acquired an additional 24.3 percent stake in LS Marine Solution for 44.9 billion won last month and became the biggest shareholder.
LS Marine Solution has invested over 9.1 billion won in modernizing its cable-burying equipment and preparing more vessels. The company said its stock price jumped from 7,800 won in late June to over 11,000 won in just two months, a positive sign even after the company changed its name from KT Submarine late last month.
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