Balmoral has signed a memorandum of understanding (MoU) with South Korean companies LS Cable & System and LS Marine Solution to collaborate on floating offshore wind projects. This agreement follows LS Cable & System's earlier MoU with Norwegian energy company Equinor, relating to the 750MW Bandibuli/Firefly floating offshore wind project in South Korea.
LS Cable & System has developed dynamic cables that are designed to operate in harsh offshore environments, marking a first in South Korea. Through this MoU, the companies aim to work together with Balmoral Comtec to create a secure and optimized operational system for floating offshore wind cables. LS Marine Solution will focus on improving installation efficiency and ensuring stable maintenance, both crucial for the success of the project.
South Korea's Ministry of Trade, Industry, and Energy (MOTIE) has included floating offshore wind power in its 2024 Fixed Price Contract Competitive Bidding for Wind and Solar Power Facilities for the first time. The inclusion of floating offshore wind in the bidding process led to Equinor's Bandibuli project being selected, with LS Cable & System partnering with Equinor to secure an early market advantage.
An LS Cable & System official commented, “Although floating offshore wind currently accounts for only about 1% of the market, it is expected to grow rapidly. Through the Bandibuli Project, we aim to secure core technologies and continue leading the market through ongoing technological advancements and global cooperation.”
Bill Main, Managing Director of Balmoral Comtec, expressed enthusiasm about the partnership: “This Memorandum of Understanding (MoU) highlights our ongoing commitment to the floating wind sector. We are delighted to collaborate with LS Cable & Systems and LS Marine Solution on the Bandibuli project.”
Main continued, “Balmoral Comtec is uniquely positioned to support the offshore wind industry, drawing on our decades of experience. By leveraging our innovative products and expertise, we aim to help accelerate the industry's growth and meet its ambitious targets.”
Floating offshore wind power uses floating structures at sea, enabling installations in deeper waters than traditional fixed-bottom wind farms.
