Conrad Industries, Inc. Announces Key New Business.

Business Editors

MORGAN CITY, La.--(BUSINESS WIRE)--March 27, 2002

Conrad Industries, Inc.'s (Nasdaq: CNRD) President and Chief Executive Officer, Kenneth G. "Jerry" Myers, Jr., announced today the award of several new build programs.

Myers reported that the Company was awarded contracts for two 75' Tug Boat with four options for a total of a 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 Company's 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."

The Company has also been notified by the State of North Carolina that it was the low bidder on their 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.

Our successful bids on these important programs rest squarely on the Conrad team's reputation of putting the highest quality, efficiency and cost effectiveness into everything we do."

Conrad Industries, Inc., established in 1948 and headquartered in Morgan City, designs, builds and overhauls tugboats, ferry's, 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 three shipyards located in southern Louisiana and Texas.

All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions. These include Conrad's reliance on cyclical industries, principal customers and government contracts, its ability to finalize contracts on projects for which it has bid (including the North Carolina ferry contract), and its ability to perform contracts at costs consistent with estimated costs used in bidding the contracts. Actual results may differ materially from those expected or projected. These and other risks are discussed in more detail in Conrad Industries, Inc.'s filings with the Securities and Exchange Commission. The Company undertakes no duty to update forward-looking statements.