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October 9, 2002

Conrad gets $22 million contract,
pulls plug on Swiftships deal

Conrad Industries, Inc., Morgan City, La., has announced the award of a new construction program for the Corps of Engineers totaling $22.2 million. At the same time it announced it had "terminated negotiations under the non-binding letter of intent executed August 12, 2002 regarding the purchase of substantially all of the assets of Swiftships Shipbuilders, LLC and Swiftships Technologies, LLC."

The company said the Corps of Engineers program brings its total current backlog to approximately $33.2 million, excluding an option for one towboat valued at $5.6 million.

The contract award calls for the construction of three 124-foot, 3000 horsepower, ABS Class towboats valued at $16.6 million with an option for one additional towboat valued at $5.6 million.

When delivered, these vessels will perform scheduled and emergency maintenance on the upper Mississippi and Ohio Rivers.

Kenneth G. ("Jerry") Myers, Jr., Conrad's President and CEO commented, "We're excited about the opportunity to work again for the Corps of Engineers. Our Orange Shipbuilding operation, where the work will be performed, has a rich history of successfully working for the Corps with eight vessels delivered since 1995. "

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