Easy!!!
Looks like you only have "cosmetic" restoration to do. If there is rudder structure that need rebuild disregard the following advice.Dry out the foam by hanging it for at least 3-4 weeks. You could also weigh the rudder and when the weight stops decreasing wait an additiona l week.Carve out all the discolored foam making a flat surface to apply more foam to. DO NOT make a hollow inbetween the existing fibergalss sides. Only take the foam down to the highest fiberglass side. Attach a block of foam with toothpicks and adhesive. You are not interested in making a strong joint just something that will not move as you shape the foam. The fiberglass provides the strength the foam just makes it the right shape.Carve the foam so it looks fair. Since there is no "structure" to contend with you could even get creative here.Once the foam is shaped rough up the fiberglass around the edges for about 4+ inches from the edge. Buy enough fiberglass (1-2 oz weight) cloth and resin to cover the repair and lay the cloth over the repair. Smooth the cloth. It takes a little work here to get the cloth to form over the repair but just keep smoothing until all the extra cloth is laying "flat". Cut the cloth so that the edge is about 1/8" less that the area you roughed up and begin to apply resin.After you have let the resin harden, apply faring compound to the area around the edge of the cloth to make a 'fare" job of it. Finish off with bottom paint.Fiberglass is EASY. The prep work is where you make your money.