LS Marine Solution books record $113m Shinan Ui cable contract

LS Marine Solution has converted its preferred-bidder position at the Shinan Ui offshore wind project into a firm contract with Hanwha Ocean worth KRW 156.9bn, about $113m. The contract was signed on 18 September and is the largest single order in the South Korean subsea contractor's history.

The scope covers transport, laying and burial of the subsea cables for a 390 MW wind farm off South Jeolla province. Work runs from the second half of this year through 2028, which puts the installation campaign across three weather windows rather than one and spreads the revenue over the contractor's next three financial years.

The scale relative to the company is the striking figure. LS Marine Solution reported separate-basis revenue of KRW 72.2bn last year, so the single award is worth roughly 2.2 times a full year of turnover. For a contractor of that size the operational risk sits in vessel availability and in the burial campaign, where seabed conditions rather than cable supply usually set the schedule.

Shinan Ui is the first project inside the Shinan offshore wind belt, a development zone planned at 8.2 GW. That pipeline is the reason the award is being read as more than one job: a contractor that has installed the first array in a zone carries a working knowledge of the seabed, the cable route corridors and the local approvals into the tenders that follow, and the company has said it intends to pursue the follow-on projects.

Hanwha Ocean holds the engineering, procurement and construction position on the project, and the cable award is a subcontract under that scope.

The contract runs from the second half of 2026 to 2028, so the first array in the belt will be in the water before most of the remaining capacity has reached a final investment decision.

This story is part of the Maritime Briefing of 23 September 2026.