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

People & Company News

Damen Responds to Evolving Fishing Practices

Maaskant Shipyards Stellendam meets fishing sector’s growing needs by performing electric pulse fishing conversions   As European fishing policies evolve, so fishing techniques advance.

Maaskant Shipyards Earns ISO 9001:2008 Certificate

Maaskant Shipyards (Stellendam), part of Damen Shipyards Group, has received certification from Bureau Veritas for aligning its quality and management systems with

Duffy Named President of Carnival Cruise Line

Christine Duffy has been named president of Carnival Cruise Line, Carnival Corporation & plc. announced today.   Duffy, currently president and CEO of Cruise Lines International Association (CLIA),

Shipbuilding

Damen Responds to Evolving Fishing Practices

Maaskant Shipyards Stellendam meets fishing sector’s growing needs by performing electric pulse fishing conversions   As European fishing policies evolve, so fishing techniques advance.

Maaskant Shipyards Earns ISO 9001:2008 Certificate

Maaskant Shipyards (Stellendam), part of Damen Shipyards Group, has received certification from Bureau Veritas for aligning its quality and management systems with

PIRIOU Delivers 53-meter FSIV

French boat builder PIRIOU has delivered the 11th of its 53- by 10-meter Fast Supply and Intervention Vessels (FSIV) to Suisse Outremer AG, to be operated by ABC Maritime AG.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1432 sec (7 req/sec)