Gulf Island awarded two additional navy vessels

Gulf Island Fabrication, Inc. ("Gulf Island" or the "Company") (NASDAQ: GIFI) says that it has received an award for the construction of two additional towing, salvage and rescue ships (“T-ATS”) for the U.S. Navy. This represents the Navy’s execution of its second and third options for Gulf Island’s construction of three T-ATS vessels that will be built in the Company’s shipyard in Houma, Louisiana.  The Navy has remaining options for five additional vessels.

"We are extremely excited that the Navy has exercised these options for two additional vessels, which once again exemplifies the confidence and trust our customers have in Gulf Island and our ability to deliver a quality product.  We look forward to working with the Navy on these very important projects and in the future on the remaining optionable T-ATS vessels if exercised,” said Kirk Meche, Gulf Island's President and Chief Executive Officer. “These projects support our efforts to diversify our backlog beyond offshore oil and gas and will contribute significantly to the utilization of our shipyard facilities.”

About Gulf Island

Gulf Island is a leading fabricator of complex steel structures, modules and marine vessels used in energy extraction and production, petrochemical and industrial facilities, power generation, alternative energy and shipping and marine transportation operations. The Company also provides project management for EPC projects along with installation, hookup, commissioning and repair and maintenance services. In addition, the Company performs civil, drainage and other work for state and local governments. The Company operates and manages its business through four operating divisions: Fabrication, Shipyard, Services and EPC, with its corporate headquarters located in Houston, Texas and fabrication facilities located in Houma, Jennings and Lake Charles, Louisiana.