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March 27, 2002

Contracts for Conrad
Kenneth G. Jerry Myers, Jr., president and CEO of Conrad Industries, Inc., Morgan City, La., today the award of several new build programs.

Myers reported that the company was awarded contracts for two 75 ft tug boats with four options for a total six boat program. This new class of tugs will be ABS classed and include double bottoms in the fuel tanks.

Myers noted, Work on the initial tug will begin immediately with delivery of the first vessel scheduled for December 2002. This program fits well with our strategic direction of making the companyıs Orange Shipbuilding group, located in Orange, Texas, the premier tug boat builder. Orange Shipbuilding has a long history of building tug boats dating back to the beginning of the company in 1974. Since that time Orange has constructed 43 tug boats.

Conrad has also been notified by the State of North Carolina that it was the low bidder on a 180 foot ferry boat. Contract award is expected to be made in April. Myers noted, This work will also be performed by Orange Shipbuilding which completed a similar vessel in 1992.

Myers commented, The combined value of these contracts, options and expected contract award approximates $16 million and contributes greatly to the company's visibility in the vessel construction segment.