Taihan Cable & Solution announced on the 28th that it will acquire the submarine cable construction company Ocean C&I.
Taihan Cable & Solution stated that it will purchase all the equity held by shareholders, including CEO Yoon Jong-moon of Ocean C&I. The acquisition amount was not disclosed.
Ocean C&I is a specialized company established in 2008 for submarine cable laying and engineering. It has carried out submarine cable construction projects in domestic and foreign offshore wind power projects including in SuNam, Venezuela, and the Philippines.
Taihan Cable & Solution noted, "Ocean C&I has a wealth of experience across various aspects of offshore construction and possesses operational experience and performance with cable laying vessels, which is expected to enhance the operational capabilities of Taihan Cable & Solution's Cable Laying Vessel (CLV) Palos."
Taihan Cable & Solution explained that through the acquisition of Ocean C&I, it will now be able to directly carry out the entire value chain of submarine cable design, manufacturing, transportation, construction, and maintenance. It revealed plans to actively pursue participation in high-voltage direct current (HVDC) projects and turnkey bids both domestically and internationally.