Conrad Announces Award of Ferry Contract and Other Contracts Totaling $36.6 Million
Morgan City, Louisiana (8/28/2007) - Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today the award of a contract for the construction of a ferry, and the signing of contracts for the construction of sixteen barges and a major ferry repair, with a total value of $36.6 million.
The Texas Department of Transportation awarded Conrad a contract for the construction of a 264’x66’x15’6” passenger/vehicle ferry scheduled for delivery during 2009 with a contract price of $22.5 million. The ferry will transport up to 70 cars and work the Galveston terminal.
Also, The Puerto Rico and Municipal Islands Maritime Transportation Authority has executed a contract for a dry dock inspection and general repairs to Motor Vessel Culebra II, a 500 passenger, 150’ x 28’ aluminum hull.
Additionally, Conrad signed contracts with four different customers for the construction of eleven 120’x30’x7’ deck barges, two 120’x30’x7’ spud barges, a 120’x40’x7’ spud barge and two 250’x72’x12’ crane barges.
Johnny Conrad, President and CEO stated, "All of the contracts added will be performed at our Morgan City and Amelia-Aluminum facilities. We are very excited to receive the award of the Texas ferry, particularly since our company has built three other ferries in the past. We are also very pleased to continue to add barge contracts from repeat customers as well as new customers.”
Mr. Conrad continued, “We’ve delivered twenty five jobs in the second quarter including deck barges, spud barges, crane barges, double skin tank barges, towboats and a tug boat. Our backlog is
currently approximately $103.0 million, which is a record for our company. Bid activity continues strong and we see excellent business opportunities in both the blue water and brown water markets in both new construction and repairs.”
Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, Louisiana, designs, builds and overhauls tugboats, ferries, liftboats, barges, offshore supply vessels and other steel and aluminum products for both the commercial and government markets. The company provides both repair and new construction services at its four shipyards located in southern Louisiana and Texas.
