LS Marine Solution, a South Korean underwater cable contractor, has signed a contract worth 156.9 billion won (equivalent to $113 million) with Hanwha Ocean for the Shinan Oi wind project.
Contract Details
This contract is the largest in LS Marine's history and includes the transportation, installation, and burial of underwater cables for a 390-megawatt project located off the coast of Oido in South Jeolla Province. The execution period for this contract will be from September 17, 2026, to September 6, 2028. The value of this contract is equivalent to 64.2% of the company's latest annual consolidated sales.
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Future Plans of LS Marine
LS Marine has announced that all underwater cable installation phases will be carried out from the second half of this year until 2028. The company is part of the LS Cable & System group and is developing its installation fleet, including the 13,000-ton cable layer InterOcean, which is currently under construction at the Tersan shipyard in Turkey.
LS Marine was announced as the main contractor for the Shinan Oi project in July 2025, when no specific contract value was disclosed. This new registration confirms that the contract has been awarded, the work price has been specified, and the execution period has been determined.
The 390-megawatt Shinan Oi project is the first project in the 8.2-gigawatt Shinan plan in South Korea. LS Marine has previously conducted cable installation work in Taiwan and secured a package worth 94 billion won for the 532-megawatt Anma wind project domestically last year.
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