Singapore-listed Cosco Corporation has announced that Cosco Guangdong Shipyard has signed a contract worth more than RMB129m (US$20.78m) from an unnamed Asian buyer for the construction of a research vessel.

The vessel is expected for delivery in the fourth quarter of 2017.

Cosco Guangdong Shipyard received its first ever research vessel conversion contract from Guangzhou Geological Survey at the end of May.

Cosco Shipyard reported a net profit of US$0.58m for the first quarter of 2015, a sharp decline of 94% from a year earlier.