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LS Tower, headquarters of LS Cable & System (Photo = LS Cable & System) |
[Alpha Biz= Kim Jisun] LS Cable & System and its subsidiary LS Marine Solution have announced the cancellation of a 271.1 billion won (approx. $200 million) supply contract for the Anma offshore wind project.
According to a regulatory filing on April 27, the terminated contract was valued at 177.1 billion won for LS Cable & System and 94 billion won for LS Marine Solution.
The cancellation is attributed to financial difficulties faced by the project developer, making it no longer feasible to proceed with the project.
LS Cable & System stated that it recently received formal notice of termination from the developer but added that it would reconsider cooperation options, including potential new contracts, if the project is resumed.
The Anma offshore wind project aims to build a 532MW wind farm off the coast of Anmado in South Jeolla Province, covering an area of approximately 83.9 million square meters. The two companies had signed a contract in July last year to supply and install submarine cables for the project.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
