LS Cable & System wins $435m order from Qatar

LS Cable & System, a leading South Korean wire and cable maker, said Monday it has signed a $435 million deal to build a submarine power cable in Qatar.

Under the deal with Qatar Petroleum, the Gulf state’s state-run energy company, LS Cable & System will install 200 kilometers of 132 kV high-voltage power cable to connect Ras Laffan Industrial City, about 80 kilometers north of Qatar’s capital of Doha, to Halul Island.

The South Korean cable maker won the turnkey project by beating a consortium of Italy’s Prysmian SpA and French Nexans SA, the top two global cable companies.

The latest announcement came after LS Cable & System won two orders from Indonesia and Malaysia.

LS Cable & System posted a net profit of 34.9 billion won ($32 million) in the three months ended Sept. 30, a drastic increase from a 6.2 billion won profit a year earlier, according to the company. (Yonhap News)