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.
Johnny Conrad, President and CEO stated, "It is gratifying to know that the vessel owners continue to show confidence in our ability to respond to their needs. Customers exercising options and repeat customers are the best indicators we have on how our customers view our performance."
He further commented, "Settoon Towing has been a valued repair customer over the past several years and became a new construction customer during the first quarter of 2006. We delivered two 6,500 bbl. inland double skin barges last year and we currently have two 8,500 bbl. double skin tank barges under construction. The new barges will be integrated into our construction schedule at our Conrad Shipyard and Conrad Aluminum facilities."
Conrad continued, "The Bay-Houston Towing and Suderman & Young Towing tugs will follow in sequence after the other two tugs under construction at Orange Shipbuilding, with all four vessels scheduled to be delivered between 2008 and 2009. We are very appreciative of the new business we have been awarded, in addition to the options that were exercised, another vote of confidence in our Company's ability."
Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, Louisiana designs, builds and overhauls tugboats, ferries, liftboats, barges, offshore supply vessels and other steel and aluminum products for both the commercial and government markets. The company provides both repair and new construction services at its four shipyards located in southern Louisiana and Texas.
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