Photograph 1) GL2030, a cable laying vessel owned by LS Marine Solution

Photograph 2) LS Marine Solutions CI

■ Integrating marine and land cable construction capabilities to secure global competitiveness
■ Koo Bon-kyu, CEO of LS Cable & System, to concurrently serve as CEO of LS Marine Solution, strengthening responsible management and maximizing synergy
■ Record-breaking sales this year, with next year expected to see three-fold growth compared to 2023 


LS Marine Solution is acquiring LS Buildwin as a subsidiary as it expands into an integrated cable construction company with both land and submarine cable construction capabilities.

LS Marine Solution announced on the 7th that it had received approval from the Busan District Court to acquire LS Buildwin as a subsidiary. 

This acquisition is considered an important turning point for LS Marine Solution to expand its construction business and strengthen its global competitiveness. By integrating its land and marine cable construction capabilities, LS Marine Solution will secure various benefits, including enhanced expertise and efficiency, cost reductions, improved quality maintenance, and shortened construction periods.

A company spokesperson explained, "CEO Koo Bon-kyu of LS Cable & System will strengthen responsible management by concurrently serving as CEO of LS Marine Solution," and added, "The synergy of the marine and land power cable business with LS Cable & System is expected to become more visible."

In particular, given that most large-scale offshore wind power projects in Europe are carried out on a turnkey basis, this acquisition is expected to strengthen the company’s competitiveness and give it an edge in the global market.

If the paid-in capital increase is completed within this month, LS Buildwin’s fourth-quarter sales will be reflected in LS Marine Solution’s sales this year. In this case, LS Marine Solution’s sales are expected to reach approximately KRW 130 billion, nearly doubling from KRW 70.8 billion last year. Its total assets are expected to increase from KRW 194.5 billion as of the end of June to approximately KRW 270 billion.

Due to its participation in the Jeonnam offshore wind power project in the first half of this year, LS Marine Solution recorded sales of KRW 52 billion, nearly double those of the same period last year, and accordingly, sales this year are expected to be the highest ever. With the expansion of the offshore wind power market and the promotion of the SOV (offshore wind power construction support vessel) business, the company's sales next year are expected to reach approximately KRW 200 billion.