LS Cable & System announces deal with Norway company

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LS Cable & System announces deal with Norway company

Published: 19 Aug. 2014, 20:22

LS Cable & System said yesterday it signed a priority supplier contract with Norway’s Aker Solutions for marine cables. The company hopes the deal to bring in more than $100 million over the next seven years.

Aker Solutions, an oil and gas plant engineering business founded in 1841, operates in more than 30 countries.

The deal includes the basic price of 500 cables that will be used in offshore construction and exploration.

The affiliate of LS Group said that it offered to establish a warehouse in Norway to reduce delivery time. LS Cable & System established a marine cable plant in 2009 at a cost of 180 billion won ($176 million).

The company estimates the global cable market to be worth 1 trillion won.