LS Marine Solution books record $113m offshore wind cable contract with Hanwha Ocean
Key Takeaways
- •LS Marine Solution has secured a KRW156.9bn ($113m) subsea cable transport and installation contract from Hanwha Ocean, the largest award in the company's history.
- •The contract covers cable transportation, laying, and burial for the 390 MW Shinan Ui offshore wind project off Uido in South Jeolla province, with execution running from September 17, 2026 to September 6 2028.
- •The award's value is equivalent to 64.2% of LS Marine's latest consolidated annual sales, highlighting the significance of a single offshore wind contract for the specialist installer.
- •Shinan Ui is the first scheme in South Korea's planned 8.2 GW Shinan offshore wind belt, with roughly 7.8 GW of the zone still to be developed as part of the country's 2050 carbon neutrality efforts.
- •LS Marine, part of the LS Cable & System group, previously won a KRW94bn cable installation package on the 532 MW Anma offshore wind project in 2025, making Shinan Ui its second and larger domestic offshore wind scope.
South Korean subsea cable installation contractor LS Marine Solution has converted its preferred-bidder position on the Shinan Ui offshore wind development into a firm transport and installation contract worth KRW156.9bn ($113m) with Hanwha. The award, disclosed in a regulatory filing reported by Splash247, is the largest in LS Marine's history.
The contract covers the transportation, laying and burial of subsea cables for the 390 MW project, which is located off Uido in South Jeolla province. Work runs from September 17, 2026, to September 6, 2028. The contract value is equivalent to 64.2% of LS Marine's latest consolidated annual sales, a measure of how much weight a single offshore wind award can carry for a specialist installation contractor.
LS Marine said it will carry out the full offshore cable installation scope from the second half of 2026 through 2028.
Hanwha Ocean, the shipbuilding and offshore engineering group formed after Hanwha Group acquired Daewoo Shipbuilding & Marine Engineering in 2023, is the client for the works. The 390 MW Shinan Ui scheme is the first project in South Korea's planned 8.2 GW Shinan offshore wind belt, a development zone that forms part of the country's broader effort to expand offshore wind capacity as it pursues carbon neutrality by 2050. With roughly 7.8 GW of the planned zone still beyond its first scheme, the belt represents a multi-gigawatt pipeline in which the kind of specialized cable work covered by this contract is a core requirement.
LS Marine is part of the LS Cable & System group, a leading global manufacturer of power and communication cables, placing the installation business within the same group as one of the industry's major cable makers. The company has been building out its installation fleet, including the 13,000-tonne-capacity InterOcean cable layer currently under construction at Turkey's Tersan Shipyard.
Splash247 reported in July 2025 that LS Marine had been selected as preferred bidder for Shinan Ui, when no firm contract value had been disclosed. The new filing confirms the award, puts a price on the work and fixes the execution period.
LS Marine has previously secured cable installation work in Taiwan and in 2025 won a KRW94bn package on the 532 MW Anma offshore wind project in South Korea. The Shinan Ui award adds a second, larger South Korean offshore wind scope to that track record.
