EXHBIT 99.3 NEWS RELEASE For further information contact: Kerry J. Chauvin Joseph "Duke" Gallagher Chief Executive Officer Chief Financial Officer (985) 872-2100 (985) 872-2100 - -------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE WEDNESDAY, JANUARY 30, 2002 GULF ISLAND FABRICATION, INC. REPORTS FOURTH QUARTER EARNINGS Houma, LA - Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $1.2 million ($.11 diluted EPS) on revenue of $21.4 million for its fourth quarter ended December 31, 2001, compared to net income of $1.0 million ($.09 diluted EPS) on revenue of $24.4 million for the fourth quarter ended December 31, 2000. Net income for the twelve months ended December 31, 2001 was $7.3 million ($.62 diluted EPS) on revenue of $113.7 million, compared to net income of $4.2 million ($.36 diluted EPS) on revenue of $112.1 million for the twelve months ended December 31, 2000. Currently, the company has a revenue backlog of $54.4 million and a labor backlog of approximately 850 thousand man-hours remaining to work. SELECTED BALANCE SHEET INFORMATION (in thousands) December 31, December 31, 2001 2000 ------------ ------------ Cash and short-term investments $ 35,032 $26,103 Total current assets 55,461 47,546 Property, plant and equipment, at cost, net 41,666 42,662 Total assets 102,538 96,062 Total current liabilities 8,860 10,371 Debt 0 0 Shareholders' equity 88,905 81,266 Total liabilities and shareholders' equity 102,538 96,062 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)