InvestorsHub Logo
Followers 41
Posts 1475
Boards Moderated 0
Alias Born 12/29/2004

Re: hweb2 post# 113077

Thursday, 05/16/2024 9:22:54 AM

Thursday, May 16, 2024 9:22:54 AM

Post# of 120018
CNRD: Still a couple more YRBM loss projects likely ahead

In March 2022, we were awarded a contract by the U.S. Navy for the design and construction of a Yard, Repair,
Berthing and Messing (“YRBM”) barge, with options for an additional seven barges. The YRBM barges provide a
temporary home away from home and workplace for U.S. service men and women whose vessels are in port for repairs
and/or maintenance. The fixed-price contract, a small business set-aside, has a potential value of over $140 million if
all options are exercised by the U.S. Navy. In July 2022, the U.S. Navy exercised options for two additional YRBM
barges, in August 2022, exercised an option for the fourth YRBM barge and in June 2023 exercised an option for the
fifth YRBM barge, bringing the total contracts awarded through year-end 2023 to $89.4 million. The option for the
sixth YRBM barge was exercised in March 2024, bringing the total contracts awarded through the first quarter of 2024
to $107.3 million. We expect to deliver the first two YRBM barges to the U.S. Navy in the second half of 2024 and
four additional YRBM barges during 2025. Due to rapidly rising inflation since the time of our fixed-price bid, we
have recorded substantial forward losses on the first six vessels
Join InvestorsHub

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.