NEWS RELEASE Exhibit 99.1 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 THURSDAY, JULY 22, 1999 GULF ISLAND FABRICATION, INC. REPORTS SECOND QUARTER EARNINGS Houma, LA - Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $2.0 million ($.17 diluted EPS) on revenue of $28.1 million for its second quarter ended June 30, 1999, compared to net income of $5.2 million ($.44 diluted EPS) on revenue of $50.6 million for the second quarter ended June 30, 1998. Net income for the first six months of 1999 was $3.9 million ($.33 diluted EPS) on revenue of $58.4 million, compared to net income of $9.4 million ($.80 diluted EPS) on revenue of $97.6 million for the first six months of 1998. At June 30, 1999, the company had a revenue backlog of $58.7 million and a labor backlog of approximately one million man-hours remaining to work. Gulf Island Fabrication, Inc., based in Houma, Louisiana, is a leading fabricator of offshore drilling and production platforms 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, and the fabrication of offshore living quarters. GULF ISLAND FABRICATION, INC. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data)