South Korean LS Marine Solutions is entering the Taiwanese subsea business with the establishment of a base in Taipei.
The base in Taipei represents LS Marine Solutions’ first overseas base.
The company plans to cooperate with LS Cable & System to build a sales network and strengthen marketing for customers, as well as focus on discovering partner companies.
The companies were recently selected as the preferred negotiating parties for the Anma offshore wind project – expected to be among the first utility-scale projects in South Korea to begin construction in the first half of 2024.
“We expect that through the consortium with LS Cable & System, we will be able to receive turnkey orders for cable materials and construction business,” LS Marine Solutions said.
Since 2018, LS Cable & System has received orders from Taiwan to supply ultra-high voltage submarine cables worth approximately KRW 1 trillion (about $741 million). The company also constructed a 22-kilometer submarine cable between Penghu Island in the West Sea of Taiwan and the mainland in 2017.