Gulf Island’s Shipyard Division to Build Up to Four Additional Z-Tech 30-80 Terminal/Escort Tugs
HOUSTON, May 01, 2018 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (“Gulf Island” or the “Company”) (NASDAQ:GIFI), announced today that through its Shipyard Division, it has executed change orders on existing contracts with two customers to add two Z-Tech 30-80 Terminal/Escort Tugs with FIFI (fire-fighting) outfitting to the Company’s backlog plus options for two additional non-FIFI tugs.
Kirk J. Meche, President and C.E.O. of Gulf Island, commented, “We are very pleased to receive these follow-on change orders from Bay-Houston Towing Company and Suderman & Young Towing Company for the additional tugs since signing the original contract awards in May of 2017. Our shipyard has been working closely with these valued customers and we appreciate their confidence and commitment with the follow-on order for more tugs. We expect to begin deliveries in late 2018 and are pleased with our progress to date on existing tug orders.”
Kirk Meche continued, “Since early 2017 and including these new orders, our Shipyard Division has added over $275 million in new contracts to backlog plus up to an additional $626 million if all outstanding options are exercised which include deliveries through 2025. With this new order and recent awards, our Shipyard Division has been successful in securing our largest and most diversified marine backlog and potential options in our history. I’d like to congratulate our team and thank our customers for their confidence in our ability to construct these vessels.”
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.
Kirk J. Meche
Chief Executive Officer
David S. Schorlemer
Chief Financial Officer
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 1, 2018