A 5-year Contract Valued at Hundreds of Billions of Won
LS Cable & System announced on Nov. 24 that it has signed a five-year contract with Denmark’s Orsted, the world's No. 1 offshore wind power developer, to supply high-voltage submarine cables. LS Cable did not disclose the size of the deal, but industry watchers estimate it at hundreds of billions of won.
LS Cable & System said it has built cooperative relations with Orsted by participating in cable installation projects for the offshore wind farms that Orsted developed in Britain and Taiwan.
"Even in the midst of the COVID-19 pandemic, countries are continuing to invest in new and renewable energy projects," said Myung Noh-hyun, CEO of LS Cable & System. "We are looking forward to expanding our business as we have strengthened cooperation with the leader in the global offshore wind power market."
"The offshore wind power market is growing rapidly around the world, especially in the Asia-Pacific region," said Matthias Bausenwien, director of Orsted's Asia-Pacific division. "To lead the global market, we need reliable cable makers such as LS Cable & System."