South Korean undersea cable maker Taihan Cable & Solution said Tuesday that it has acquired Korea's first cable-laying vessel designed specifically for offshore wind power projects, addressing a critical need in the sector.

Priced at 50 billion won ($38.4 million), the 6,200-ton CLV outperforms traditional cable-laying barges in enabling faster, more precise cable installation. Capable of sailing at an average speed of 9 knots under its own power, it can transport and lay cables more rapidly than the traditional cable lay barges, which generally depend on tugboats for movement.

This speed and autonomy are particularly advantageous for projects in distant regions such as Europe and the Americas.

The vessel also offers high stability in rough seas and is built to withstand severe weather conditions. Furthermore, its dynamic positioning system allows the vessel to maintain a precise position automatically for extended periods.

The deal also allows Taihan to not only undertake projects steadily but also explore new revenue avenues.

The increasing demand for submarine cables, coupled with a limited number of cable-laying vessels and only a handful of companies with cable-laying capabilities, has created a potential shortage that could elevate charter rates -- fees paid by charterers to shipowners for the use of their ships.

Taihan plans to deploy this vessel initially for the Yeonggwang Nakwol Offshore Wind Power Project and subsequently for the Anma Offshore Wind Power Project.

“This new CLV not only aligns with the stringent standards of the European offshore wind power market but also opens doors to myriad business possibilities across the globe. We’re doubling down on our investments, including the launch of a second submarine cable plant for high-voltage direct current and export cables,” said a Taihan Cable & Solution official.