Conrad Announces New Business for Barges, Tugs and Ferry Totaling $50.3 Million
Morgan City, Louisiana (2/21/2008) - Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) announced today the signing of
contracts for the construction of fourteen barges, two tugs, a
ferry and a major ferry repair, with a total value of $50.3
million which brings the current backlog to approximately $106.0
million compared to $93.4 million at September 30, 2007 and
$84.5 million at December 31, 2006.
The barges include four 222’x54’x12’LPG tank barges which are a
new addition to Conrad’s portfolio of products. These will have
approximately 16,000 gross barrel capacity and are designed for
inland waterway operation.
Additionally Conrad has executed contracts with various
customers for deck barges, spud barges, shale barges and tank
barges that range in size from 120’x30’x7’ to 192’x42’x10’.
Also signed were contracts for the construction of two
additional 98’, Z-Tech 7500 Class Terminal/Escort Tugs, similar
to the four others which are currently under construction at our
Orange Shipbuilding facility.
Conrad also finalized the contract for the construction of a
160’x32’x13’ aluminum passenger ferry that will transport up to
600 people. This ferry is a Conrad design that was selected
over other designs submitted in the bidding process. In
addition, a contract was executed for the dry dock inspection of
and general repairs to a 500 passenger, 150’x28’ aluminum hull
ferry.
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.
