TMCnet News
Korea Democratic peoples Republic of,Korea Republic of,Norway : LS CABLE signed a long-term $100m pact with NORWEGIAN AKER SOLUTIONS [TendersInfo (India)](TendersInfo (India) Via Acquire Media NewsEdge) The Korea-based leading cable maker LS Cable on Tuesday has made an announcement on its settlement of a long-term agreement with the Norwegian Aker Solutions for providing cable to the latter. The signing of the deal also reflects LS Cable becoming the first cable manufacturer in Korea to secure such supply deal from Aker Solutions the internationally acclaimed products, systems and services provider catering to the oil and gas sector. As part of the newly won seven-year deal, LS Cable will supply its subsea, power and system controlling cables to Aker Solutions, which will be utilized in exploration equipment and offshore facilities under the management of the Norwegian firm, according to the LS spokeswoman Keum Dong-hee. Keum stated, "The agreement is expected to generate at least $100 million in sales by the end of the contract." LS Cable, the third-largest cable manufacturer of the globe, has assured Aker Solutions of carrying out timely supply and offering of smart price for its products through operating product warehouses and managing logistics systems in Norway. The spokeswoman further said, "We've been consistent in providing customized services in accordance with our clients' needs. LS Cable started manufacturing of subsea power cables, key transmission cables for transmitting electric power under the surface of the water, in 2009. The company uses its plant at Donghae in Gangwon Province to manufacture such cables. LS Cable had spent 180 billion won in the facility. According to LS officials, the newly settled agreement will facilitate the company get new business opportunities in this space because subsea cables have become a part of the contemporary world. (c) 2014 Euclid Infotech Pvt. Ltd. Provided by SyndiGate Media Inc. (Syndigate.info). |