LS Marine Solution invests W346b to build Asia’s largest cable-laying vessel

Korea’s leading submarine cable manufacturer, LS Marine Solution, announced Tuesday that it will commission the construction of one of the world’s largest cable-laying vessels, aiming to preemptively secure large-scale global infrastructure projects.

The company plans to invest 345.8 billion won ($252.2 million) to build a 13,000-ton-class CLV, to be put into operation by 2028. The vessel will rank among the top five globally and be the largest in Asia in terms of cable loading capacity, the company said.

The investment will be partially funded through a rights offering worth 278.29 billion won, announced the previous day, while the shipbuilder for the vessel has yet to be decided.

“This new CLV represents more than just an infrastructure investment. It will be a turning point in strengthening Korea’s energy independence and strategic response capabilities,” said Kim Byeong-ok, CEO of LS Marine Solution.

“Together with LS Cable & System, LS Marine Solution’s cable manufacturing affiliate under LS Group, we will actively pursue ultra-long-distance submarine power grid projects and large-scale offshore wind farm developments both in Korea and abroad.”

LS Marine Solution stated that the new vessel will offer stable, long-distance transport and the capability to lay high-voltage direct current cables in deep-sea environments. It will also be capable of simultaneously laying both power and communication cables, a high-end feature found in only three vessels globally.

The global underwater cable system market is expected to grow at an annual rate of 10.15 percent through 2034, driven especially by the expansion of the artificial intelligence industry and renewable energy projects.

Against this backdrop, competition to secure CLVs has intensified, with only about 20 such vessels currently in operation worldwide. Daily charter rates for these vessels have reportedly exceeded 100 million won.

With this new CLV, the company aims to position itself as a global turnkey project provider, capable of managing everything from design and production to installation, in collaboration with LS Cable & System.