From the Conrad Industries 1998 IPO Prospectus ($CNRD)

This is from the Conrad Industries 1998 IPO Prospectus,

CAPITALIZE ON INDOOR CONSTRUCTION CAPABILITIES AND MODERN CONSTRUCTION TECHNIQUES. The Company believes that it is a unique Gulf Coast shipyard due to the construction of substantially all of its new vessels and modular components indoors. In this environment, construction is not hampered by weather conditions. In addition, the Company's shipyards employ many advanced construction techniques, including modular construction, zone outfitting methods, computerized plasma arc metal cutting and automatic shotblasting and painting. The Company believes that these factors allow it to more effectively utilize its workforce and equipment, thereby allowing it to control costs, meet critical construction schedules and achieve attractive profit margins.

CAPTURE EFFICIENCIES FROM MULTIPLE SHIPYARDS. The Company's multiple shipyards provide it with significant flexibility and efficiency in constructing a wide variety of vessels. With the addition of the Orange and Amelia shipyards, the Company has the ability to more effectively manage its available shipyard capacity through the allocation of projects between these shipyards. In addition, the Company has the ability to fabricate various components of a project at one shipyard for use in the construction of a vessel or fabrication of a steel structure at another of its shipyards.

Sheds a bit more light on Conrad's competitive advantage: the indoor construction, modular construction, and scale/multiple shipyards.