MOU with Global Port Operator BWS
On June 18th, Gu Young-heon, Head of Management Support at LS Marine Solutions (from left), Claus Bendelbo Larsen, Vice President of BWS, and Hong Young-ho, CEO of LS Materials, participated in a commemorative photo session after signing the Memorandum of Understanding (MOU) held at the LS Cable Seoul Office (LS Yongsan Tower) in Yongsan-gu, Seoul.
[Financial News] LS Materials and LS Marine Solutions are set to actively pursue a port operation business specifically for offshore wind power installations.
On the 18th, LS Materials and LS Marine Solutions announced that they have signed a “Memorandum of Understanding for the Construction of an Offshore Wind Supply Chain Based on Domestic Ports” with Blue Water Shipping (BWS), a global specialist in offshore wind port installations. BWS has operated more than ten offshore wind ports in Europe, and this agreement marks the first official collaboration between a domestic company and a global offshore wind port operator.
This collaboration aims to establish dedicated port bases capable of assembling and dispatching offshore wind components, strategically responding to the government’s “2030 Offshore Wind Power Expansion to 14GW” policy, and securing supply chain competitiveness. It signifies a move beyond simple supplier roles towards establishing a comprehensive “total value chain” strategy, encompassing storage, installation, transportation, and maintenance necessary for EPC (Engineering, Procurement, Construction) in offshore wind power.
Initially, both parties plan to designate one domestic port as a pilot base in the second half of this year, securing an annual wind turbine processing capacity of 1GW. They intend to expand to major ports and pursue operational standardization subsequently.
Hong Young-ho, CEO of LS Materials, stated, “This collaboration is a strategic starting point for integrating the entire offshore wind supply chain,” and expressed their intention to solidify their presence in the Northeast Asian offshore wind market.