'Offshore Wind Power' Successive Orders... LS Marine Solution Secures 72% of Last Year's Revenue

[Financial News] LS Marine Solution announced on the 14th that it signed a cable construction contract worth 94 billion won with Anma Offshore Wind Power in early this month. 94 billion won corresponds to about 72% of LS Marine Solution's revenue last year.
Anma Offshore Wind Power is the second offshore wind power project in which LS Marine Solution participates domestically, following the Jeonnam Offshore Wind Power Complex 1. It is the largest construction in history based on a single offshore wind power business.
Anma Offshore Wind Power is a project to build an offshore wind power complex with a total capacity of 532 megawatts (MW) and a total area of 8,390,000 square meters near Anmado, Yeonggwang County, Jeollanam-do. Once the wind power complex is established, it can produce 1,400 gigawatt-hours (GWh) of electricity annually. This is enough electricity for 380,000 households, or 1.4 million people.
Following Anma Offshore Wind Power, LS Marine Solution has also been selected as the preferred bidder for the submarine cable construction section of the 'Shinan Ui Offshore Wind Power Project' being promoted in the waters near Uido, Shinan County, Jeollanam-do.
This project is a 390 MW offshore wind power project led by a consortium of Hanwha Ocean and SK Ethernix. Construction is set to start in 2025, with submarine cable construction in 2027. Commercial operation is scheduled to begin in early 2029.
It is generally known that submarine cable construction revenue accounts for 5-7% of the total project. Considering that a 500 MW project generates around 3 trillion won and a 390 MW project generates around 2.5 trillion won in revenue, it is estimated that LS Marine Solution can secure an order amount of about 130 billion to 170 billion won from this project.
Last month, it was selected as the preferred bidder for the submarine cable transportation and installation sector of the 'Haesong Offshore Wind Power Project', the largest offshore wind power project in Korea. The Haesong Offshore Wind Power Complex will be built in the western sea of Shinan County, Jeollanam-do, with two 504 MW complexes, totaling 1 gigawatt (GW). An LS Marine Solution representative explained, "This is a scale that can produce power equivalent to one nuclear power plant," and "We plan to carry out all processes of internal and external network construction, including marine surveys, submarine cable laying and burial, and connection tests." 
kjh0109@fnnews.com Kwon Jun-ho Reporter