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LS Cable joins PTSC for submarine cable opportunities in Vietnam

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By Ko Dong-hwan
  • Published KST
  • Updated KST

LS Cable & System Asia CEO Lee Sang-ho, left, poses with PTSC President Le Manh Cuong at LS Yongsan Tower in Seoul, Thursday, after signing a partnership memorandum of understanding to develop submarine cable projects in Vietnamese waters. Courtesy of LS Cable and System

LS Cable & System Asia has reached a deal with a subsidiary of Vietnam's state-run oil and gas group PetroVietnam to explore seabeds in the Southeast Asian country's waters and develop submarine cable projects, according to the major Korean cable maker, Thursday.

LS has signed a memorandum of understanding (MOU) with PetroVietnam Technical Services Corporation (PTSC) that provides technical services for the petroleum and energy industries including oil and gas platforms, wind turbine substructures and seabed surveying. The new partnership aims to further explore potential submarine cable business opportunities in the waters of ASEAN countries, the Korean firm said.

PTSC is currently planning to launch a submarine cable project between Vietnam and Singapore. The partnership between LS and PTSC is expected to leverage the project as well as other future power grid-connecting projects that are in demand in ASEAN countries. Vietnam, for example, is currently building an offshore wind farm capable of an output of approximately 6 gigawatts by 2030. The capacity is one of the five biggest among wind farms in Asia following ones in Korea and Taiwan.

“This MOU is significant in a sense that LS Cable & System Asia, the market leader in the power cable market of Vietnam, is aiming to become the first mover in countries with potential and existing submarine cable markets," an LS spokesperson said. "The goal derives from the company's 30 years of overseas experience in business and its capabilities.”

LS Cable has been expanding its reach in the submarine cable market through the overseas expansion of its subsidiaries, including the recently announced expansion of LS Marine Solution into Taiwan.