LS Cable & System Ltd., South Korea’s leading cable maker, said on Monday that it has bagged a 62 billion won ($55 million) order from Singapore electric power authority to install submarine power cables in the city state.
The project is to replace the aging power cable under the 5-kilometer submarine zone connecting Woodlands in northern Singapore and Johor Bahru, southern city of Malaysia that was first installed by a French firm in 1985, the company said.
According to LS Cable & System, there are only five cable makers in the world currently capable of manufacturing high-voltage submarine cables, and it is the first time for a Korean cable maker to build a submarine power cable in Southeast Asia. The company has Korea’s only submarine cable manufacturing plant on the east coast of the country.
The demand for submarine power cables in Southeast Asia has been on a steady rise and the Korean cable maker hoped to win more submarine power cable orders from other neighboring countries in the region following the latest deal, said Myung Roe-hyun, LS Cable & System chief executive officer and president.
LS Cable & System also won another contract worth 370 billion won to install underground high-voltage cables in Singapore in June.
By Moon Ji-woong
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]