GULF ISLAND AWARDED TWO ADDITIONAL NAVY VESSELS

HOUSTON, April 08, 2020 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. ("Gulf Island" or the "Company") (NASDAQ: GIFI) announced today that it received notification of an award for the construction of two additional towing, salvage and rescue ships (“T-ATS”) for the U.S. Navy (“Navy”). This represents the Navy’s execution of its fourth and fifth options for Gulf Island’s construction of five T-ATS vessels that will be built in the Company’s facility in Houma, Louisiana. The Navy has remaining options for three additional vessels. 

"We are honored that the Navy has exercised the options for two additional vessels. This is great news for our employees in Houma, Louisiana as it will provide additional stability during these uncertain times. We look forward to continuing our partnership with the Navy as we focus on safely building quality vessels,” said Richard Heo, Gulf Island's President and Chief Executive Officer. “These projects support our ongoing efforts to diversify our backlog beyond offshore oil and gas and provide valuable underpinning work for our Houma team into 2021 and 2022.”

About Gulf Island
Gulf Island is a leading fabricator of complex steel structures, modules and marine vessels, and a provider of project management, hookup, commissioning, repair, maintenance and civil construction services. The Company’s customers include U.S. and international energy producers; refining, petrochemical, LNG, industrial, power and marine operators; EPC companies; and certain agencies of the U.S. government. The Company operates and manages its business through two operating divisions: Fabrication & Services and Shipyard, with its corporate headquarters located in Houston, Texas and operating facilities located in Houma, Jennings and Lake Charles, Louisiana.

Company Information
Richard W. Heo	Westley S. Stockton
Chief Executive Officer	Chief Financial Officer
713.714.6100	713.714.6100

Cautionary Statement
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