LS Marine Solution has been selected as the submarine optical cable maintenance provider for the Asia-Pacific region.
As a result, the company has secured fixed annual sales of 13 billion. This is approximately equivalent to 30% of the previous year’s sales (approx. 42.8 billion won).
The maintenance targets will be 19 submarine cable systems across the Asia-Pacific region, stretching approximately 85,000 km. The contract period will be five years, from 2025 until 2029.
There are over 230 submarine cable systems connecting 200 countries worldwide. The major communication carriers in various countries sign regional agreements in Asia-Pacific, North America, the Atlantic, etc., to perform maintenance.
In the Asia-Pacific region, KT (Korea), AT&T (USA), KDDI (Japan), China Telecom (China), and other carriers have formed a consortium to select maintenance service providers through competitive bidding for contracts over five years.
LS Marine Solution has entered the Asia-Pacific submarine cable maintenance market, previously monopolised by a Japanese vessel operator, and has participated jointly since 1997.
LS Marine Solution CEO Seung-yong Lee stated, “Through our 30 years of history, we have built trust with the major communication carriers in various countries.” He added, “With the increase in submarine optical cable construction due to increased demand for Internet and cloud, we think that we will have more business opportunities in the future.”
LS Marine Solution has agreed to lay and embed cables for the ‘Jeju Triple-connection Submarine Cable Project’ and recently received an order for a Bigeumdo Island project as the company accelerates business expansion. In addition, the company invested approximately 9.1 billion won to upgrade its cable laying and embedding equipment. It reviewed the potential of securing additional vessels as it continues to increase its investments for further expansion.
Image source: Courtesy of LS C&S
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