Photograph) Signing ceremony for the ‘MOU on the exploitation and development of seabed resources’. Lee Seung-yong, CEO of LS Marine Solutions (right), and Jeon Bong-hwan, Director of the Marine Public Digital Research Division at the Korea Research Institute of Ships and Ocean Engineering (KRISO).


■ Cooperation on exploration of undersea mineral and gas resources and technology development
■ LS Marine Solutions plans to expand business through marine energy development
■ LS Cable & System and LS Eco Energy seek to secure key mineral resources such as rare earth elements


LS Marine Solutions (CEO Lee Seung-yong) announced on the 4th that it has signed a business agreement with the Korea Research Institute of Ships and Ocean Engineering (KRISO, Director Hong Ki-yong) for the ‘exploration and development of seabed resources.’

The two companies agreed to cooperate to discover new business and develop technologies, starting with the exploration of underwater minerals and gas resources.

LS Marine Solutions plans to actively utilize its submarine geological survey and vessel operational know-how accumulated through decades of experience in installing submarine cables, as well as its specialized submarine vessels and underwater exploration equipment.

“The importance of supplying key minerals such as rare earth elements is increasing,” said Lee Seung-yong, CEO of LS Marine Solutions. “Starting with this MOU, we plan to expand our business, which has been focused on undersea cable installation, to marine energy development.”

As a government-funded research institute under the Ministry of Oceans and Fisheries, KRISO has led the development of technologies in the fields of ships, offshore plants, marine equipment, and marine safety for over 50 years.

An LS Cable & System official said, “We are working to secure key mineral resources through cooperation with affiliates, such as the recent establishment of a permanent magnet value chain with LS Eco Energy.”