Gulf Island Receives Multiple Subsea Fabrication Awards

THE WOODLANDS, Texas, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (“Gulf Island” or the “Company”) (NASDAQ: GIFI), a leading steel fabricator and service provider to the industrial and energy sectors, today announced that it has been awarded multiple subsea fabrication projects from a leading integrated subsea engineering, procurement, construction and installation (“EPCI”) company.

The projects consist of procurement, fabrication, coating and testing of subsea structures for multiple developments located in the Gulf of Mexico. The fabricated components include PLETs (pipeline end terminations), jumper kits, jumpers and sleepers that will be fabricated at Gulf Island’s Houma fabrication facility. The aggregate contract value for the various awards is approximately $5 million and they will be included in the Company’s new awards and backlog in the fourth quarter 2023.

“Several years ago, we made a strategic decision to focus resources on the subsea fabrication market, so we are excited to see momentum building in this market, with these recent awards validating our strategy,” said Richard Heo, Gulf Island’s President and Chief Executive Officer. “We expect subsea fabrication activity to remain strong well into 2024, associated with anticipated subsea developments across the Gulf of Mexico, Guyana and Brazil, and Gulf Island is well-positioned to take advantage of these trends. We are proud to have been chosen for these critical projects and look forward to expanding our relationship with this customer.”

ABOUT GULF ISLAND

Gulf Island is a leading fabricator of complex steel structures and modules and provider of specialty services, including project management, hookup, commissioning, repair, maintenance, scaffolding, coatings, welding enclosures, civil construction and staffing services to the industrial and energy sectors. The Company’s customers include U.S. and, to a lesser extent, international energy producers; refining, petrochemical, LNG, industrial and power operators; and EPC companies. The Company is headquartered in The Woodlands, Texas and its primary operating facilities are located in Houma, Louisiana.