Gulf Island Shipyard Awarded 3300HP ABS-Rated Towboat Newbuild Project With One Option

HOUSTON, May 25, 2018 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (“Gulf Island” or the “Company”) (NASDAQ:GIFI), announced today that through its Shipyard Division, it has been awarded a newbuild contract for the construction of one 3300-horsepower towboat with one option for another vessel. Delivery of the first vessel is estimated at 12 months after contract execution with delivery of the optional vessel approximately two months after delivery of the first vessel if the option is exercised by the customer.

Kirk Meche, President & CEO of Gulf Island, commented, “We are pleased to be awarded the contract for a newbuild towboat and expect to commence the project almost immediately in our shipyard in Houma, Louisiana. Gaining additional backlog in commercial transportation and government markets has been a focus for us this last year and this is another opportunity to enhance our shipyard activity. With our marine research vessel, escort tugs, ice-breaker tug, and vessels for the U.S. Navy, our order book continues to strengthen including this latest award.”

About Gulf Island:
Gulf Island Fabrication, Inc., based in Houston, Texas, is a diversified steel fabrication and energy service company. The Company is a leading fabricator of complex steel structures, shipbuilder of a variety of marine vessels, and is leading the way for offshore wind power developments in the United States. Gulf Island also provides related installation, hookup, commissioning, repair and maintenance services with specialized crews and integrated project management capabilities for EPC projects. For more information, please visit our website at www.gulfisland.com.

Company Information:
Kirk J. Meche
Chief Executive Officer
713-714-6100

Investor Relations:
David S. Schorlemer
Chief Financial Officer
713-714-6106

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