Conrad Industries Announces New Contract Award
MORGAN CITY, La., Sept. 18 /PRNewswire-FirstCall/ -- Conrad Industries, Inc. (Pink Sheets: CNRD) announced today that it has been awarded a contract for the construction of a shallow draft dredge with a value of $13.1 million.
The United States Army Corps of Engineers awarded the contract to Conrad for the design and construction of a 156-foot self-propelled, shallow draft, split hull hopper dredge for the Wilmington District. The dredge will operate year round in coastal inlets from Florida to Maine. The vessel will be built at our shipyard in Morgan City, LA.
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 of the new vessel is scheduled to begin in April 2010 with delivery during the second quarter of 2011. Our Morgan City facility also constructed and delivered to the Corps a 255' crane barge in 2006 and a 144' steel towboat in 2007, and currently has a 260' crane barge in progress."
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 2008 Annual Report available at www.pinksheets.com.
For Information Contact: Cecil Hernandez (985) 702-0195 CAHernandez@ConradIndustries.com
SOURCE Conrad Industries, Inc.
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