LS Cable & System Secures Consecutive Orders for Submarine Cables in North America...Total Contract Value of $100 Million
Published2016.01.21 17:08
Approximately $57 Billion Scale, Power Supply Maintenance Project
LS Cable & System announced on the 21st that it has consecutively secured two submarine cable projects in the United States and Canada, concluding supply contracts totaling $100 million in value.
LS Cable & System has concluded a submarine cable contract worth $47 million (approximately 57 billion won) with the New York Power Authority (NYPA), and will install submarine cables in Lake Champlain between New York State and Vermont State. This is a project aimed at stably maintaining power supply and demand by replacing existing submarine cables that were installed in 1958 and 1970.
The lifespan of transmission cables is generally considered to be 30 to 50 years on average. The company anticipates that the United States, with aging power infrastructure, will see continued increasing demand for cable replacement.
Additionally, LS Cable & System has recently secured a submarine cable project worth $54 million (approximately 65 billion won) in Canada. This cable will be used to supply power from the mainland to Prince Edward Island (hereinafter PEI) in the southeast. PEI Island is well-known as the setting for "Anne of Green Gables."
Yun Jae-in, CEO of LS Cable & System, stated: "Based on the expertise accumulated over the past 10 years since LS Cable & System first exported extra-high-voltage cables to the United States in 2006 as the first in Korea, we are successfully entering the North American submarine cable market."
LS Cable & System operates Asia's largest and Korea's only submarine cable manufacturing facility in Donghae City, Gangwon Province. The global submarine cable market is expected to reach 8 trillion won, double the current level, by 2018, driven by increased activity in offshore wind farm construction, cross-border power grid interconnections, and offshore oil & gas development.
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