EXHIBIT 99.3 NEWS RELEASE For further information contact: Kerry J. Chauvin Joseph "Duke" Gallagher Chief Executive Officer Chief Financial Officer (504) 872-2100 (504) 872-2100 - -------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE FRIDAY, FEBRUARY 2, 2001 GULF ISLAND FABRICATION, INC. REPORTS ORGANIZATION CHANGE Houma, LA - Mr. Kerry J. Chauvin, President and C.E.O. of Gulf Island Fabrication, Inc. (NASDAQ: GIFI), today announced that it's Board of Directors approved the appointment of Mr. Kirk J. Meche to Executive Vice President of Operations of Gulf Island Fabrication, Inc. effective February 1, 2001. He will be responsible for managing the operations of Gulf Island, L.L.C., Dolphin Services, Inc. and Southport, Inc. (wholly owned subsidiaries of Gulf Island Fabrication, Inc.). Mr. Meche was also appointed President of Gulf Island, L.L.C. to manage its day to day operations. He was previously President of Southport, Inc. Mr. Steve Becnel was promoted to President and C.E.O. of Southport, Inc. previously Vice President of Operations. Gulf Island Fabrication, Inc., based in Houma, Louisiana, is a leading fabricator of offshore drilling and production platforms, offshore living quarters and other specialized structures used in the development and production of offshore oil and gas reserves. The Company also offers offshore interconnect pipe hook-up, inshore marine construction, manufacture and repair of pressure vessels, steel warehousing and sales. GULF ISLAND FABRICATION, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data)