May 3, 2007
Conrad inks more contracts
Conrad Industries, Inc. today reported the signing of six contracts for the construction of seven vessels and a record current backlog of approximately $97.0 million compared to $84.5 million at December 31, 2006.
Bay-Houston Towing Co. and Suderman & Young Towing Company, L.P., for which Conrad is currently constructing two tugs at its Orange Shipbuilding facility, have exercised options for two additional 98 ft, Z-Tech 7500 Class Terminal/Escort Tugs that are sister vessels to those under construction.
Settoon Towing has exercised options for the construction of two additional 214 ft x 42 ft x 12 ft 8,500 bbl double skin tank barges similar to two others it has under construction at Conrad's Morgan City facilities.
In addition, contracts were signed for one 120 ft x30 ft x7 ft deck barge, one 50 ft x 30 ft x 7 ft deck barge and one 100 ft x30 ft x 7 ft spud barge by two other customers.
Johnny Conrad, President and CEO stated, "It is gratifying to know that vessel owners continue to show confidence in our ability to respond to their needs," said President and CEO Johnny Conrad. "Customers exercising options and repeat customers are the best indicators we have on how our customers view our performance."
"Settoon Towing has been a valued repair customer over the past several years and became a new construction customer during the first quarter of 2006," he continued. " We delivered two 6,500 bbl inland double skin barges last year and we currently have two 8,500 bbl double skin tank barges underconstruction. The new barges will be integrated into our construction schedule at our Conrad Shipyard and Conrad Aluminum facilities."
"The Bay-Houston Towing and Suderman & Young Towing tugs will follow in sequence after the other two tugs under construction at Orange Shipbuilding, with all four vessels scheduled to be delivered between 2008 and 2009," said Conrad. "We are very appreciative of the new business we have been awarded, in addition to the options that were exercised, another vote of confidence in our company's ability."