Taihan Cable & Solution Co. completed the acquisition of Ocean CNI, a specialized subsea cable construction firm, as the South Korean manufacturer looks to strengthen its position in the growing offshore wind market by controlling the entire supply chain from production to installation.
The deal gives Taihan all shares held by Ocean CNI Chief Executive Yoon Jong-moon and other shareholders, according to a company statement Monday. Financial terms weren’t disclosed.
Ocean CNI, founded in 2008, has worked on subsea cable projects including the Southwest Sea Offshore Wind Project and international developments in Venezuela and the Philippines. The acquisition provides Taihan with direct access to cable laying expertise and vessel operations experience that could enhance the performance of its cable laying vessel Palos.
The move comes as Taihan ramps up its subsea cable manufacturing capacity. The company recently approved a 497.2 billion won ($358.1 million) investment for a second submarine cable plant in Dangjin, which will produce high-voltage direct current cables and is scheduled to be operational by December 2027.
Taihan completed its first Dangjin submarine cable plant in June, capable of producing both inter-array and export cables for offshore wind power. The second facility will increase production capacity fivefold, positioning the company to compete for larger international projects.
With global demand for subsea cables surging due to offshore wind development, Taihan is targeting turnkey project opportunities that span from design and manufacturing to installation and maintenance. The company secured a framework agreement with National Grid UK in March for high-voltage direct current cable system projects worth approximately 21.3 billion pounds.
The acquisition reflects intensifying competition in South Korea’s subsea cable sector. Rival LS Cable & System launched its own cable laying vessel GL2030 in 2022 and recently secured preferred supplier status for Copenhagen Infrastructure Partners’ 1-gigawatt Haesong offshore wind project.
Taihan’s shares closed Monday at 11,550 won, giving the company a market value of approximately 2.1 trillion won ($1.6 billion).
