LS Cable & System (Chairman & CEO Christopher Koo) announced that the Letter of Award (LOA) has been received for the contract of submarine power cable project worth over $440 million (about KRW50 million) ordered by Qatar Petroleum.
This project is to install two 100km-long circuits i.e. 200km of 132kV cables for efficient electric power supply from Ras Laffan Industrial City (80km from Doha, the capital of Qatar) to Halul Island. The 132kV cable comprises 3 core power cables with embedded fiber optic cables to transmit 100MW power in total. LS Cable & System secured the turnkey contract including engineering, procurement, installation and commissioning of onshore construction in Ras Laffan, laying of submarine cables, construction of new substation as well as tie-in with existing substation in Halul Island. This project is of significance in that the company’s production know-how and capabilities as a submarine power cable manufacturer were recognized.
LS Cable & System won the contract through the severe competition against Japanese manufacturers with long-standing know-how of submarine cables and a consortium of global top European companies.
“This LOA proved that LS Cable & System is a First Mover, not a Fast Follower, in the global cable market,” said Jong-ho Son, President & CEO of LS Cable & System. “The successful completion of important project in the domestic as well as overseas was very helpful, and we will devote all our energy to expand ourselves in the global submarine cable market.”
The global submarine cable market has grown significantly from KRW1.5 trillion in 2008 to KRW3 trillion in 2011. LS Cable & System won several overseas submarine cable projects consecutively including the installation of 20kV submarine power cables in the 10km section from Tidore Island to Ternate in the archipelago north of Indonesia and 33kV Malaysian Sarawak islands electrification project. In addition, LS Cable & System became the first Korean company to win the submarine cable project for power supply between Long Island and Captree Island in the east of NY and completed the project at the end of last year. Domestically, the company has completed projects including HVDC 250kV interconnection project to in the 105km span between Jindo to Jeju island, 154kV AC interconnection project between Hwawon and Anjwa., the Jeju-do Woljeong-ri wind power project, and the Jeolla-namdo Jangjuk-Sudo tidal current power plant project.
[mappress] Press Release, November 19, 2012