South Korea's LS Cable to export submarine cables worth US$54 million to Singapore
SEOUL (The Korea Herald/ANN) - South Korea's leading cable manufacturer, LS Cable, confirmed their upcoming role in supplying submarine cables for Singapore Powergrid's project.
LS Cable, Korea‘s leading cable manufacturer, said on Monday that the company clinched a deal to supply submarine cables worth 62 billion won ($54 million) for the Singapore Powergrid’s project.
Under the contract, LS Cable would provide cables starting early next year and finish replacing the 30-year old submarine cables by the end of same year, it said.
This is the first time for LS Cable to export its submarine cables to a country in Southeast Asian region, LS Cable added.
Starting with the deals made in Singapore, LS Cable would aim to expand its market presence in the Southeast Asian market, where demands for submarine cables are increasing amid fast economic development, the company said.
“Demands for submarine cables in the region are expected to grow further as there are many islands in the region that require submarine cables,” Myung Roe-hyun, LS Cable president, said.
Meanwhile, LS Cable in June also signed a contract worth 320 billion won with Singapore Powergrid to provide in-land high-voltage cables and installations.