November 15, 2002

Conrad awarded Alaska ferry contract
Conrad Industries, Inc.has announced the award of a $9.5 million contract for the Alaska Marine Highway System.

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The contract award calls for the construction of a 181-foot ferry capable of transporting 149 passengers and 18 vehicles. When delivered, the vessel will provide service between Metlakatla and Ketchikan, two of the Inside Passage of Alaska's southernmost communities.

Kenneth G. ("Jerry") Myers, Jr., Conrad's President and CEO commented, "We're excited about the opportunity to work for the Alaska Marine Highway System on this first of a kind ferry. This project, coupled with several recently awarded contracts also in the government segment, continues to allow us to diversify both our customer and product bases. The addition of this contract creates a record backlog for our Company totaling approximately $40 million, excluding unexercised options. The work will be performed at our Conrad Shipyard facility in Morgan City. The award of this contract is indicative of the Company's solid reputation for high quality, efficiency and cost effectiveness."