Conrad Industries’ profit drops on LNG barge losses

Conrad Industries' profit drops on LNG barge losses

U.S. shipbuilder Conrad Shipyard reported a net income of US$119,000 during the first quarter, due to losses on the LNG barge. 

The company’s profit dropped from the $2.6 million reported during the corresponding quarter in 2016, according to the quarterly report.

Speaking of the results, Johnny Conrad, president and CEO said the company’s results reflect a difficult operating environment which is expected to continue through 2017.

“In addition, our first quarter operating results were affected by losses on the LNG Barge,” he said, adding that despite these losses incurred on the construction of the LNG barge, the company is well positioned to benefit in the LNG marine-related construction in North America.

Conrad Industries’ construction segment was adversely affected by a soft market for energy transportation, increased pricing pressure, and customer delays on large project orders.

The company’s backlog was $183.0 million at March 31, 2017, compared to $216.5 million at December 31, 2016, and $189.9 million at March 31, 2016.

Share this article

Follow LNG World News

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

The 6th CWC China LNG & Gas International Exhibition & Summit

Following on from LNG 2019 and five successful editions in Beijing, the established China LNG & Gas International Exhibition & Summit…

read more >

LNG Pricing, Trading & Hedging: 3-Day Training Course – Singapore / Jan 2019

This three-day training program provides a unique opportunity to learn and apply the practical skills, knowledge and tools needed to:…

read more >

American LNG Forum 2020

The American LNG Forum is your gateway to learning about the US LNG export industry,

read more >

2nd Global LNG Forum

Global LNG Forum is an exclusive networking and knowledge-sharing platform for top experts and business leaders in the industry.

read more >