Conrad Industries Announces Corps Crane Barge Contract and Other New Business
Morgan City, Louisiana (10/17/2008) - Morgan City, Louisiana (October 16, 2008) – Conrad Industries, Inc. (OTC
Pink Sheets: CNRD.PK) announced today the signing of contracts for the
construction of a crane barge, four deck barges, two tank barges and a
drydock with a total value of $30.4 million which brings the current
backlog to approximately $98.4 million compared to $93.9 million at
June 30, 2008, $80.9 million at December 31, 2007 and $93.4 million at
September 30, 2007.
The United States Army Corps of Engineers has awarded a contract to
Conrad for the construction of a 260-foot crane barge including the
installation of a crane. When delivered, the vessel’s primary mission
will be for operation, maintenance and repair support for the new
Montgomery Point Lock and Dam on the White River within the Little Rock
District of the United States Army Corps of Engineers.
Also, Conrad signed new contracts for two 200’x35’x12’6” 10,000 barrel
capacity Subchapter O and D tank barges which are designed for inland
waterway operations. The first to be delivered late November 2008 and
the second to follow January 2009.
Additionally, Conrad executed contracts during the third quarter with
various customers for four deck barges that range in size from
120’x30’x7’ to 180’x70’x11’ and a 100’x70’x7’drydock.
Johnny Conrad, President and CEO stated, “We have enjoyed a very good
working relationship with the Corps which began in 1994. Since that
time we’ve completed fourteen projects including towboats, fuel barges
and crane barges. Production will be at our Morgan City facility and is
scheduled to begin in January 2009 with delivery during the second
quarter of 2010. This facility also constructed and delivered to the
Corps a 255’ crane barge in 2006 and 144’ steel towboat in 2007.”
Conrad continued, “Our other new business is from both return customers
and new customers. We continue to diversify our project mix in an
effort to better serve our customers.”
News Release 1100 Brashear Ave., Suite 200
Morgan City, Louisiana 70380 (985) 702-0195
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.
This press release contains forward-looking statements, identifiable
through the use of words such as “believe,” “expect,” “plan,”
“estimate” and similar expressions. Forward-looking statements speak
only as of the date of this release, and we undertake no obligation to
update or revise such statements to reflect new circumstances or
unanticipated events as they occur. Actual results may differ
materially due to a variety of factors, including the level of activity
by oil and gas companies in the Gulf of Mexico, steel prices and
availability, general economic conditions and other risks detailed in
our 2007 Annual Report available at www.pinksheets.com.
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.
