Photograph) LS Marine Solution's submarine cable laying vessel, the GL2030
 

■ Preemptively building infrastructure for major national projects, including West Coast Energy Highway
■ Meeting surging demand for specialized ports driven by offshore wind expansion and aligning with national energy transition policies
■ Strengthening offshore wind value chain and securing momentum through MOU with Jeollanam-do


LS Marine Solution announced on November 28 that it plans to invest approximately KRW 72 billion in acquiring real estate for its offshore wind installation port business.

Of the total investment, KRW 37.4 billion will be raised through the issuance of exchangeable bonds (EBs) backed by treasury shares, while the remaining KRW 34.6 billion will be funded through internal capital. To be used as collateral are 1,345,875 treasury shares (269,175 shares from prior to the stock split) acquired between 2006 and 2008 when the company was named KT Submarine. The entire EB issuance will be underwritten by Brain Asset Management and KY PE.

This EB issuance holds significant strategic value as a preemptive investment in the construction of national infrastructure such as the West Coast Energy Highway. By utilizing treasury shares as collateral, the company will efficiently secure the necessary funds while maintaining financial stability and minimizing concerns regarding the dilution of shareholder value.

An offshore wind installation port is critical for the storage, assembly, transport, installation, maintenance, and dismantling of key equipment such as large-scale wind turbines. Last month, LS Marine Solution and LS Materials laid the groundwork for this project by signing a joint investment memorandum of understanding with Jeollanam-do.

In addition, LS Marine Solution is currently constructing a dedicated cable-laying vessel to participate in the West Coast Energy Highway project while also advancing its service operation vessel business. The new installation port is expected to serve as a strategic hub for the docking and operation of these vessels.

The West Coast Energy Highway is a national project designed to transmit renewable energy generated in the Honam region to the Seoul metropolitan area through HVDC submarine cables. It is aimed for completion by 2030, with bidding scheduled for next year. As the government aggressively pursues carbon neutrality through the expansion of offshore wind power and power grids, specialized ports capable of handling the transport and installation of heavy equipment have become essential.