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
Cautionary Statement:
This press release contains forward-looking statements. Forward-looking statements are all statements other than statements of historical facts, such as projections or expectations relating to such topics as oil and gas prices, operating cash flows, capital expenditures, liquidity and tax rates. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be,” “potential” and any similar expressions are intended to identify those assertions as forward-looking statements.
We caution readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause our actual results to differ materially from those anticipated in the forward-looking statements include the cyclical nature of the oil and gas industry, changes in backlog estimates, suspension or termination of projects, timing and award of new contracts, financial ability of our customers and consolidation of our customers, competitive pricing and cost overruns, entry into new lines of business, ability to raise additional capital, ability to sell certain assets and monetize other non-recurring contingencies, operating and financial restrictions contained in our credit agreement, credit worthiness of our customers, ability to employ skilled workers, operating dangers and limits on insurance coverage, weather conditions, competition, customer disputes, adjustment to previously reported profits under percentage-of-completion method, loss of key personnel, compliance with regulatory and environmental laws, ability to utilize navigation canals, performance of subcontractors, systems and information technology interruption or failure and data security breaches and other factors described in more detail in “Risk Factors” in Item 1A of our annual report on Form 10-K for the year ended December 31, 2017, as updated by our subsequent filing with the U.S. Securities and Exchange Commission.
Investors are cautioned that many of the assumptions upon which our forward-looking statements are based are likely to change after the forward-looking statements are made, which we cannot control. Further, we may make changes to our business plans that could affect our results. We caution investors that we do not intend to update forward-looking statements more frequently than quarterly notwithstanding any changes in our assumptions, changes in business plans, actual experience or other changes, and we undertake no obligation to update any forward-looking statements.
Released May 25, 2018
