December 3, 2004

Conrad adds $13.5 million to backlog

Conrad Industries, Inc. yesterday announced the award of contracts totaling $13.5 million to build two 300 ft x 60 ft x 24 ft 35,000 Barrel Double Hulled Oil Tank Barges for Penn Maritime, Inc., and to repair, renovate and perform hull modifications to a riverboat casino to be operated in Mississippi.

Johnny Conrad, Conrad's President and CEO commented, "We are excited to announce the signing of these contracts with these new customers and the fact that these jobs further create the opportunity to utilize our excess capacity at our Deepwater facility which helps us capitalize on our investment there. Penn Maritime currently owns and operates 20 barges and 14 tugboats making Penn one of the largest U.S. coastal transporters of residual oil and heated asphalt products. The barges are suitable for carrying asphalt and all Subchapter D cargoes. The casino is a four-level paddlewheel style riverboat casino that will be located in Hancock County, Mississippi. With these additions, our current backlog is approximately $54 million."

Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, 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

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