LS Marine Solution has secured $15.8 million subsea cable laying contract for work at an offshore wind farm being developed by Taiwan Power Company (Taipower), off Taiwan.
The contract marks LS Marine Solution’s first international power grid project and is also the first overseas venture by a Korean subsea cable installation company, representing a significant turning point for expanding into the global market.
The project is part of Taipower’s ‘TPC Offshore Wind Phase 2’ initiative, a 294.5 MW wind farm project. It is a core component of Taiwan’s Phase 1 offshore wind development plan, which aims to build 5.6 GW of capacity between 2020 and 2025.
“As Korea’s first-generation subsea cable installation company, we’ve successfully taken our first step into the overseas power grid market based on decades of technical expertise and experience. This Taiwan project will be a springboard for further expansion into the global market,” said Kim Byung-ok, CEO of LS Marine Solution.