Photograph 1) LS Marine Solution’s cable laying vessel GL2030

Photograph 2) LS Marine Solutions CI


■ Half-yearly sales doubled year-on-year, quarterly operating profit and net profit turned to surplus 
■ Expects to win large-scale offshore wind power plant installation project in second half
■ To target overseas market based on submarine cable material – installation value chain with LS Cable & System 


LS Marine Solution (CEO: Lee Seung-yong), a submarine cable installation specialist, recorded its best-ever performance in the first half of this year. 

LS Marine Solution announced on the 16th that it had recorded cumulative sales of KRW 52 billion, operating profit of KRW 3.1 billion and net profit of KRW 3.8 billion in the first half of 2024. 

The company’s sales almost doubled from KRW 26.5 billion in same period of last year, with sales in the first half exceeding KRW 50 billion for the first time since reaching KRW 62.9 billion in 2011, 13 years previous.

As for the operating profit and net profit, LS Marine Solution achieved a turnaround from KRW -2.8 billion and KRW -1.9 billion in the first quarter, respectively, to KRW 5.9 billion and KRW 5.7 billion in the second quarter. As a result, the company recorded a half-yearly operating profit rate of 6% despite the deficit in the first quarter.

A company official said, “Our sales increased rapidly as construction of the Jeonnam Offshore Wind Power Complex 1 project, which is our first offshore wind power project, began in the second quarter.” 

Jeonnam Offshore Wind Power Complex 1 is a 99 MW-class project implemented by SK E&C and CIP, an eco-friendly energy investment management company, in Sinan-gun, Jeollanam-do. Stage 2 and stage 3 construction projects, to a scale of 399 MW each, are also being planned for promotion in nearby areas.

“We are expanding project participation based on our submarine cable material-installation value chain with LS Cable & System,” said LS Marine Solution CEO Seung-yong Lee. “We are scheduled to receive an order for a large-scale offshore wind power plant installation project in the second half of this year.” 

LS Cable & System has been accelerating overseas localization in the U.S. and other countries recently, and the industry expects that LS Marine Solution will also expand its presence in the global market and that the two will have more opportunities to jointly implement new projects.