LS Cable wins order to supply submarine cables

LS Cable & System Ltd., Korea's top wire and cable maker, said Tuesday that it has won an order to supply submarine cables to the Long Island Power Authority (LIPA) in the United States.

The deal calls for LS Cable to provide and construct 35-kilovolt submarine cables for the LIPA's grid project, the Korean company said in a statement. Financial terms were not disclosed.

The deal is part of a project to build a power supply system between Long Island and Captree Island in New York state, it said.

LS Cable said it is the first time for the Korean company to clinch a submarine cable order for a project in the U.S.

National Grid plc, a British electricity and gas company, was selected to operate the power system once the provision and construction is completed, it said.

The company plans to actively seek overseas deals as it sees rising demand in power grid projects and offshore wind energy businesses, it added. (Yonhap)