$113m wind cable deal: LS Marine smashes its own record
South Korean firm secures largest-ever contract for 390 MW Shinan Ui wind farm off Uido
South Korea’s offshore wind sector has taken a decisive leap forward as LS Marine Solution converts its preferred-bidder status into a firm $113m contract for the 390 MW Shinan Ui project. The deal, announced this week, marks the largest single contract in the company’s history and underscores the accelerating pace of renewable energy development in the region.
Under the agreement with Hanwha Ocean, LS Marine will handle the full scope of subsea cable installation, including transportation, laying, and burial, for the Shinan Ui offshore wind farm off Uido in South Jeolla province. The project, which runs from September 17, 2026, to September 6, 2028, is the first phase of South Korea’s ambitious 8.2 GW Shinan offshore wind belt, a cornerstone of the country’s energy transition strategy.
Why this $113m contract is a game-changer for LS Marine
The financial scale of the deal is staggering: at KRW156.9bn ($113m), it represents 64.2% of LS Marine’s latest consolidated annual sales. For a company that has historically operated in the shadow of larger global players, this contract signals a strategic shift.
Hanwha Ocean
LS Marine, a subsidiary of the LS Cable & System group, has been methodically expanding its installation fleet to compete in the high-stakes offshore wind market. Its 13,000-tonne-capacity InterOcean cable layer, currently under construction at Turkey’s Tersan Shipyard, is expected to further bolster its capabilities when delivered.
The Shinan Ui project is not LS Marine’s first foray into offshore wind. The company has previously secured contracts in Taiwan and, just last year, won a KRW94bn package for the 532 MW Anma offshore wind project in South Korea. However, the Shinan Ui deal eclipses these earlier wins in both scale and strategic importance. As the first project in South Korea’s planned 8.2 GW offshore wind belt, it sets a precedent for future developments and positions LS Marine as a key player in the region’s renewable energy infrastructure.
What this means for South Korea’s offshore wind ambitions
South Korea’s offshore wind sector is at a critical juncture. With a national target of 12 GW of offshore wind capacity by 2030, the Shinan Ui project serves as a litmus test for the country’s ability to deliver large-scale renewable energy projects.
The 390 MW scheme, while modest compared to Europe’s offshore wind giants, is a significant step forward for a market that has historically lagged behind in renewable energy adoption. The successful execution of this project could pave the way for the remaining 7.8 GW of the Shinan offshore wind belt, as well as other planned developments along the Korean peninsula.
The contract also highlights the growing importance of domestic expertise in offshore wind installation. LS Marine’s ability to secure such a high-value contract reflects not only its technical capabilities but also the South Korean government’s push to localise the supply chain for renewable energy projects. This localisation effort is critical for reducing costs, ensuring energy security, and creating local jobs in a sector that is expected to grow exponentially in the coming decades.
For industry observers, the timing of the contract is particularly noteworthy. LS Marine’s selection as the preferred bidder for Shinan Ui was first reported in July 2025, but the lack of a firm contract value at the time left the deal’s financial impact unclear. The confirmation of the $113m figure not only provides clarity but also sends a strong signal to investors and competitors alike about the profitability and viability of South Korea’s offshore wind market.
Looking ahead, the next two years will be crucial for LS Marine as it ramps up operations for the Shinan Ui project. The company’s ability to deliver on this contract will not only determine its future prospects in South Korea but also its competitiveness in the broader Asian offshore wind market. With the InterOcean cable layer set to join its fleet, LS Marine is positioning itself to take on even larger and more complex projects in the years to come.
For South Korea, the stakes are equally high. The Shinan Ui project is more than just a renewable energy development; it is a test of the country’s commitment to reducing its reliance on fossil fuels and meeting its climate targets. If successful, it could serve as a blueprint for future offshore wind projects in the region, attracting further investment and accelerating the transition to a greener energy future.
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