Cosco Corp. (Singapore) Ltd. (F83.SG) Tuesday said its unit has signed a contract valued at over US$130 million with an European ship owner to build a vessel designed for installation of offshore wind turbines.

Cosco Shipyard Group Co. Ltd., a 51% subsidiary of Cosco, is expected to deliver the vessel in the second half of 2012, it said in a statement to the Singapore Exchange, without identifying the customer.

The jack-up vessel will be designed to be able to carry 8 to 10 wind turbines at a time to operate at water depths of up to 45 meters, the statement said.

-By Gaurav Raghuvanshi; Dow Jones Newswires; +65 64154 154; gaurav.raghuvanshi@dowjones.com
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