February 21, 2008
Conrad Industries signs contracts worth $50.3 million
Conrad Industries, Inc. (OTC Pink Sheets: CNRD) has signed contracts for the construction of fourteen barges, two tugs, a ferry and for a major ferry repair, with a total value of $50.3 million which brings the current backlog to approximately $106.0 million compared to $93.4 million at September 30, 2007 and $84.5 million at December 31, 2006.
The barges include four 222'x54'x12'LPG tank barges which are a new addition to Conrad's portfolio of products. These will have approximately 16,000 gross barrel capacity and are designed for inland waterway operation.
Additionally Conrad has executed contracts with various customers for deck barges, spud barges, shale barges and tank barges that range in size from 120'x30'x7' to 192'x42'x10'.
Also signed were contracts for the construction of two additional 98', Z-Tech 7500 Class Terminal/Escort Tugs, similar to the four others which are currently under construction at our Orange Shipbuilding facility.
Conrad also finalized the contract for the construction of a 160'x32'x13' aluminum passenger ferry that will transport up to 600 people. This ferry is a Conrad design that was selected over other designs submitted in the bidding process. In addition, a contract was executed for the dry dock inspection of and general repairs to a 500 passenger, 150'x28' aluminum hull ferry.