Conrad Industries Withstands Rising Waters

Wednesday, June 15, 2011

Conrad Industries, Inc. (OTC Pink Sheets: CNRD.PK) provided an update today on the impact of the rising waters of the Mississippi River and the Atchafalaya River on its operations.

Johnny Conrad, President and CEO stated, “On May 11, 2011 we announced the potential adverse impact on our business of the rising water levels along the Mississippi and Atchafalaya Rivers. We are happy to report that the only adverse impact to date has been the temporary suspension of operations at our Morgan City shipyard which is located on the Atchafalaya River outside the protection of the levee system.

"We relocated all of our production and support personnel and many of our projects to our other shipyards and continued operations at a minimally reduced level. The river crested on May 30, 2011 and has begun to slowly recede. At this time we are back to limited operations at our Morgan City shipyard and we expect to be fully operational at this yard on or before the end of the month. All of our other yards have remained fully operational.
In order to minimize the impact of the imminent flooding and decrease the amount of down time, we constructed our own levee system to protect our Morgan City shipyard. This resulted in no property and equipment damage and also will allow us to return to full operation with minimal clean-up, months sooner than otherwise.

"We believe because of the efforts of our people to plan for protection and move projects to other facilities, there will be only a minimal impact on our profitability and there will not be any material adverse effect on our Company."

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Shipbuilding

RS at SEA JAPAN 2014

Russian Maritime Register of Shipping (RS) was the only Russian company to take part in SEA JAPAN 2014 exhibition and conference – one of the major exhibitions of the maritime industry.

Reports: Brazilian Tycoon Batista Investigated For Financial Crimes

Brazils federal police have opened an investigation into former billionaire Eike Batista for financial crimes, including insider trading, manipulation of markets and money laundering,

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Pipelines Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1193 sec (8 req/sec)