LS Marine Solution said on Oct. 24 that its subsidiary LS Buildwin has secured an approximately KRW 80 billion contract to carry out an ultra-high-voltage underground power network project in Singapore.
The project, a flagship overseas venture driven by cooperation between LS Cable & System and LS Buildwin, underscores the group’s push to expand its power-grid value chain abroad. LS Cable & System is the main contractor for the 230 kV underground grid build, while LS Buildwin will be responsible for the entire cable installation process. The work is part of Singapore’s national grid expansion to meet surging power demand from AI and data center growth.
Under the arrangement, LS Cable & System will manufacture the cables and LS Buildwin and LS Marine Solution will handle underground and subsea installation respectively, strengthening the group’s global competitiveness through an integrated manufacturing-to-construction value chain.
LS Marine Solution said it currently holds an order backlog of about KRW 700 billion, roughly five times last year’s revenue, after winning a string of new projects in Asian power-infrastructure markets including Singapore and Taiwan. The company said the awards are bolstering its construction capabilities.
A company spokesperson said, “As Korea’s only specialist in subsea and underground cable construction, LS Marine Solution is reinforcing its integrated construction competitiveness through collaboration with LS Cable & System. We will continue technology-driven growth in global markets.”
Meanwhile, LS Marine Solution expects further orders from domestic offshore wind expansion and the planned West Coast HVDC (high-voltage direct current) projects.
