Conrad Industries Announces Corps Crane Barge Contract and Other New Business
MORGAN CITY, La., Oct 16, 2008 /PRNewswire-FirstCall via COMTEX/ -- Conrad Industries, Inc. (Pink Sheets: CNRD) 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."
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 http://www.pinksheets.com.
For Information Contact:
Cecil Hernandez (985) 702-0195
SOURCE Conrad Industries, Inc.