Conrad Industries Announces Backlog and New Contracts
Conrad Industries, Inc. signed six contracts for the construction of seven vessels and a record current backlog of approximately $97.0 million compared to $84.5 million at December 31, 2006. Bay-Houston Towing Co. and Suderman & Young Towing Company, L.P., for which we are currently constructing two tugs at our Orange Shipbuilding facility, have exercised options for two additional 98’, Z-Tech 7500 Class Terminal/Escort Tugs, sister vessels for the others under construction.Settoon Towing has exercised options for the construction of two additional 214’x42’x12’ 8,500 bbl. double skin tank barges similar to two others under construction for Settoon Towing at our Morgan City facilities. In addition, contracts were signed for one 120’x30’x7’ deck barge, one 50’x30’x7’ deck barge and one 100’x30’x7’ spud barge by two other customers.