LS Cable & System is planning to strengthen its position in the submarine cable business by acquiring its first submarine cable laying barge to proactively prepare for the rapidly growing offshore wind power generation projects being developed at home and abroad.
With the acquisition, LS Cable & System will soon secure the largest submarine cable laying barge in Korea to reinforce its eco-friendly business.A cable laying ship is a sea going vessel designed to lay underwater communication cable networks.
Further, with investment in the 8,000-ton GL2030, LS Cable & System will become the only company in Korea to have both a submarine cable plant and submarine cable laying barge.
“As there has been no submarine power cable laying barge in Korea, we have had difficulties adjusting the construction schedule and securing quality,” said a company official. “If we operate a cable laying barge on our own, we will be able to accumulate know-how and enhance our construction expertise.”
Myung Roe-Hyun, President & CEO of LS Cable & System, said, “In line with the global spread of carbon-neutral policies, we are increasing our eco-friendly business, and continuously investing to secure our global competitiveness.”
LS Cable & System also announced its recent ESG management vision and its plan to invest KRW190 billion in its submarine cable plant in Donghae City.
GL2030 will be used first for domestic projects starting in the first half of 2022, the company said. As a submarine cable laying barge with the latest specifications equipped with a ‘precision shop position control system,’ GL2030 will raise the submarine cable laying competency of Korea to the next level.
Globally, there are only a handful of companies that can produce and lay extra-high voltage submarine cables in Europe.
Also, by owning the ship directly, LS Cable & System believes that it will be able to freely adjust its operation schedule, so that it will be better able to expand its participation in forthcoming submarine cable projects in East and Southeast Asian countries.
Rapid adoption of digital technologies across the world post the COVID-19 pandemic has resulted in upgradation of broadband IT infrastructure.
In July, LS Cable & System announced that it would expand its submarine cable business by investing an additional KRW 185.9 billion in its plant in Donghae City, Gangwon-do. Construction will begin in October 2021, and end in April 2023. LS Cable & System’s submarine cable production capacity will increase more than 1.5 times.
Also, the erection of the 172 m super-tall VCV Tower is expected to improve cable insulation quality and increase productivity.
