LS Marine Solution is set to make significant inroads into the Asia-Pacific subsea infrastructure market. On July 21, the company announced the opening of a sales office in Ho Chi Minh City, Vietnam, marking the beginning of their subsea power and communication network development operations across Southeast Asia. This strategic move is aligned with the establishment of a local subsea cable plant by their affiliate, LS Eco Energy. Together, the companies plan to collaboratively execute subsea infrastructure projects throughout the Asia-Pacific region.
The demand for related technologies in the Asian market is rapidly increasing due to several factors, including inter-island power connections, the expansion of offshore wind energy, the growth of AI data centers, and global IT companies investing in subsea communication networks. Notably, since Singapore revealed plans to import large amounts of renewable energy, projects to build high-voltage direct current (HVDC) subsea transmission networks connecting Singapore with Vietnam, Indonesia, and the Philippines have been actively undertaken.
LS Marine Solution prides itself on its advanced technical capabilities and extensive construction experience required for creating subsea infrastructure. Their ability to conduct stable installations under complex conditions such as varying depths, currents, and seabed topographies constitutes a key competitive advantage for the company's market entry.
A representative from LS Marine Solution stated, "Subsea infrastructure projects are high-value industries that demand equipment, technology, and operational experience. From our base in Vietnam, we plan to expand our opportunities for contracts throughout Southeast Asia and across Asia more broadly."
LS Marine Solution distinguishes itself as the only company in South Korea with experience in both power grid and communication network subsea construction. Recently, the company won a contract for a subsea cable project related to offshore wind power in Taiwan, becoming the first Korean firm to enter the international power grid market. This initial project is reportedly valued at approximately 2.5 trillion won in follow-up orders.
Additionally, LS Marine Solution is rapidly expanding its presence in the global communication infrastructure market, having secured a project led by Microsoft and Amazon to build a subsea communication network between South Korea and Japan.
