Aside from what looked to be tractor paint applied with a garden hose, this boat had about 15 different areas where the fiberglass was delaminating from the foam and forming large oval blisters. Some areas were bigger than my open palm. I found very little moisture in the foam and never came up with a positive cause. All the areas of delamination were cut out and fresh laminate applied. All the previous paint was removed to reveal the original orange gel coat beneath, and then refinished in a bright blue urethane. The entire bottom was also cleaned and stripped and coated with a custom matched white epoxy.