LS Cable & System said on the 27th that it won a turnkey (turn-key) contract worth about 60 billion won for a subsea power grid project from Tenaga Nasional Berhad (TNB) of Malaysia.
The project aims to secure stable power supply by expanding a 132kV-class subsea power grid between peninsular Malaysia and Langkawi, a major tourist destination.
LS Cable & System beat several global corporations to win this second Langkawi project following the first, securing back-to-back orders. The company said it proved its high-difficulty turnkey capabilities and unrivaled engineering expertise by executing the entire process—from design and material supply to laying and construction—beyond merely supplying cables.
The global subsea cable market is expected to grow to 34 trillion won by 2030. In particular, the Asia-Pacific region, with its many islands, is expected to lead overall growth with a scale of 20 trillion won. Southeast Asia is currently pushing ahead with large-scale subsea power grid projects aimed at building the ASEAN Power Grid (APG), which connects power grids between countries.
LS Cable & System plans to use this project as a springboard to strengthen its overseas order references (project track record) and to step up its push in the domestic market. It plans to work with LS Marine Solution and others on large national projects such as the West Coast Energy Highway, for which a bid notice is expected in the first half of this year.
An LS Cable & System official said, "We are building trust in the global market based on past project experience and accumulated technological prowess," and added, "We will solidify our leadership in the subsea cable market by successfully carrying out backbone network construction projects at home and abroad based on our proven turnkey capabilities."