Cosco wins 129m yuan deal to build research vessel

COSCO (Guangdong) Shipyard has secured a contract worth over 129 million yuan (S$27.96 million) to build one research vessel, to be delivered in the fourth quarter of 2017.

Cosco (Guangdong) Shipyard is a subsidiary of Cosco Corporation (Singapore) Ltd's 51 per cent-owned subsidiary, Cosco Shipyard Group.

The contract will become effective upon the receipt of letter of guarantee from the shipyard's bank.

The contract is not expected to have a material impact on the net tangible assets and earnings per share of Cosco Corporation (Singapore) for the year ending Dec 31, 2015.