LS Marine Solution is pushing into global markets following its successful completion of subsea cable installation at South Korea’s Jeonnam 1 Offshore Wind Farm. The 96-megawatt project in Sinan County marked the company’s first offshore wind installation, completed in November last year and now undergoing test operations before commercial service begins in June.
The South Korean marine engineering firm reported sales of 130.3 billion won ($91.23 million) in 2024, an 84% increase from the previous year, along with an operating profit of 12.4 billion won. The company attributes this growth to the successful execution of the Jeonnam project and solid results from its subsidiary LS Buildwin.
The Jeonnam complex is widely regarded as the world’s largest offshore wind development, with plans to reach a total capacity of 8.2 gigawatts by 2035. It represents a key milestone in South Korea’s renewable energy expansion, with Jeonnam 1 set to be the country’s first commercial-scale offshore wind farm.
LS Marine Solution has been named preferred bidder for additional domestic projects, including the 532-megawatt Anma project in South Jeolla Province and the 500-megawatt Taean project in South Chungcheong Province. The company is also exploring opportunities in Taiwan’s offshore wind sector.
To strengthen its position, the company plans to build service operation vessels and what it describes as the world’s largest dedicated subsea cable installation vessel. These investments align with South Korea’s push to reduce dependence on fossil fuels and Chinese components, potentially creating opportunities for international partnerships.
