Conrad Snags Several Key Newbuild Contracts

Conrad Industries, Inc.'s President and CEO, Kenneth G. "Jerry" Myers, Jr., said recently that the company was the recipient of several newbuild programs. Myers reported that the company was awarded contracts for two 75-ft. tug boats with four options for a total of a six boat program. This new class of tugs will be ABS classed and include double bottoms in the fuel tanks. Myers said, "Work on the initial tug will begin immediately with delivery of the first vessel scheduled for December 2002. This program fits well with our strategic direction of making the Company's Orange Shipbuilding group, located in Orange, Texas, the premier tug boat builder. Orange Shipbuilding has a long history of building tug boats dating back to the beginning of the Company in 1974. Since that time Orange has constructed 43 tug boats." The company has also been notified by the State of North Carolina that it was the low bidder on their 180 ft. ferry boat. Contract award is expected to be made in April. Myers said, "This work will also be performed by Orange Shipbuilding which completed a similar vessel in 1992." Myers said, "The combined value of these contracts, options and expected contract award approximates $16 million.”