Cosco Shipping, the specialised vessel unit of China Cosco Shipping Group, is forming a joint venture with Belgian offshore wind power engineering company Geosea.
The two companies will each invest RMB75m ($11.5m) to hold 50% equity shares in the joint venture.
Cosco Shipping said the joint venture will charter vessels or purchase new vessels for its fleet to develop the offshore wind power engineering market.
In the meantime, Cosco Shipping will separately invest RMB25m ($3.8m) to establish a new engineering firm, which will obtain offshore wind power projects and contract the joint venture.
