September 29, 2009
Conrad Industries books ferry contract
Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) has been awarded a contract for the construction of a passenger/vehicle ferry with a value of $13.0 million, which brings the current backlog to approximately $56.8 million compared to $40.6 million at June 30, 2009, $56.3 million at December 31, 2008 and $74.8 million at September 30, 2008.
The North Carolina Department of Transportation awarded the contract to Conrad for the construction of a 220-foot passenger and vehicle ferry for service between the Cedar Island, N.C. and the Ocracoke Island, N.C. terminals. The vessel is capable of transporting 300 passengers and 50 vehicles, and will be built at Conrad's Orange, Texas, shipyard.
Johnny Conrad, President and CEO stated, "Our working relationship with the North Carolina Department of Transportation dates back to 1991, and this will be the third ferry built for them. Production of the new vessel is scheduled to begin in December 2009 with delivery during the second quarter of 2011."