SWIFTSHIPS

Conrad Enters into Letter of Intent with Swiftships

Conrad Industries, Inc. announced that it has executed a letter of intent for the purchase of the assets of Swiftships Shipbuilders, LLC and Swiftships Technologies, LLC for approximately The Swiftships companies would also be eligible to receive an additional amount based on the performance of the assets during a three-year period after the closing. The Swiftships companies would use the proceeds of the asset sale to pay creditors. The letter of intent is non-binding with respect to the proposed acquisition, which is subject to the execution and closing of a definitive agreement. The letter of intent contains a binding exclusivity agreeme nt whereby the Swiftships parties have agreed that before October 31, 2002 they will negotiate exclusively with Conrad and not solicit any competing acquisition proposal or enter into any agreement with respect to a competing acquisition proposal. In addition, if prior to the end of the exclusivity period or within 180 days thereafter, any of the Swiftships parties accepts or enters into any agreement with respect to any competing acquisition proposal, the Swiftships parties must pay Conrad a fee of $1 million payable at the time the transaction contemplated by the competing acquisition proposal is consummated. In connection with the letter of intent, Conrad has entered into a loan agreement pursuant to which it has agreed to lend on a secured basis up to $500,000 from time to time to Swiftships

Conrad Rides the (Expansion) Tide

The business of predicting the course of financial markets has led many companies - good and bad, large and small - to ruin. Perhaps, then, it is better to rely on tenets of nature, such as "Only the Strong Survive" when laying out business plans. Conrad Industries of Morgan City, La., has obviously ascribed to the latter, building a formidable fortress of a marine company with a wide geographic scope, including the recent news of its pending acquisition of Swiftships, an apparent $12

Taylor Made to Supply for Swiftships Vessel

Taylor Made Environmental has been chosen to supply the air conditioning system for a new 110 ft. vessel being built by Swiftships in Morgan City, La. The vessel is being built for the National Park Service for operation in the Florida Keys, and is being fitted with an extra high capacity air conditioning system for the tropical climate. Taylor Made Environmental is supplying a 15-ton Marine Air Systems reverse-cycle modular 3-stage chiller with Hydromatic controls and 11 air handling units

Conrad Terminates Negotiations with Swiftships

Conrad Industries, Inc. announced the award of a new construction program for the Corps of Engineers totaling $22.2 million which brings the total current backlog to approximately $33.2 million, excluding an option for one towboat valued at $5.6 million. The contract award calls for the construction of three 124-ft., 3000 hp, ABS Class towboats valued at $16.6 million with an option for one additional towboat valued at $5.6 million

Tidewater Building Two 145 ft. Crewboats at Swiftships

Working from a proven Swiftship design with modifications to meet their particular needs, Tidewater Marine has ordered a pair of 145 x 26 ft. crewboats from Swiftships, in Morgan City, La. With space for 150 passengers and accommodation for up to nine crew, the boats will also be capable of carrying 16,000 U.S. gallons of fuel, 19,500 gallons of fresh water, 375 gallons of lube oil and 275 gallons of waste oil. An additional 6,600 gallons of ballast tankage is included

New Navy Contract

Swiftships Shipbuilders, LLC, Morgan City, La., is being awarded a $180,998,189 fixed-price letter contract for the detail design and construction of nine patrol boats and associated equipment and services for the Iraq Navy. This contract is in support of Foreign Military Sales (FMS) Case IQ –P-SAZ and U.S. Case E4-P-LBT. The contract is for nine Swiftships model 35PB1208E-1455 patrol boats along with six 30mm gun weapons systems, machine gun mounts and cradles, spare parts

NG Supplies Nav-Comms for Iraqi Boats

Northrop Grumman Corporation (NYSE: NOC) has been awarded a contract to supply the navigation and communication systems for nine new 114.8 ft patrol boats being built for the Iraqi navy. The $19m firm, fixed-price contract was awarded to Northrop Grumman’s Sperry Marine business unit by Swiftships Shipbuilders, LLC of Morgan City, La. Work on the contract will be performed by Northrop Grumman’s Ocean Springs, Miss., facility.

Budget Battles Bumping Backlogs?

Patrol And Combat Builders Fret About Budget Cuts But See Bright Spots. So far; so good. U.S. companies building patrol and combat craft aren’t happy about federal, state and city budget cuts but say they do see positive, demand-side factors. Much of their overseas business depends on the U.S. Foreign Military Sales program. The FMS, which transfers defense equipment and services to other nations, is retrenching now, however

Taking Care of Business

Diamond Services Corp., based in Morgan City, La., knows the importance of staying competitive in the oilfield service industry, which is why the company broke conventional rules of "propping" and built Mr. Mel, the first waterjet-powered crew/supply boat to work in the Gulf of Mexico. The diesel engine/waterjet combination, considered an innovative choice of propulsion system for a crewboat, offers advantages of increased speed, maneuverability and flexibility over propellers.

Offshore Support Focus

Diamond Services Corp., based in Morgan City, La., knows the importance of staying competitive in the oilfield service industry, which is why the company broke conventional rules of "propping" and built Mr. Mel, the first waterjet-powered crew/supply boat to work in the Gulf of Mexico. The diesel engine/waterjet combination, considered an innovative choice of propulsion system for a crewboat, offers advantages of increased speed, maneuverability and flexibility over propellers.