NEWS RELEASE EXHIBIT 99.1 For further information contact: Kerry J. Chauvin Joseph "Duke" Gallagher Chairman and Chief Executive Officer Chief Financial Officer (985) 872-2100 (985) 872-2100 - ------------------------------------------------------------------------------- FOR IMMEDIATE RELEASE WEDNESDAY, JULY 10, 2002 GULF ISLAND FABRICATION, INC. TO ANNOUNCE EARNINGS RESULTS AND QUARTERLY CONFERENCE CALL Houma, LA--(BUSINESS WIRE)--July 10, 2002--Gulf Island Fabrication, Inc. (NASDAQ: GIFI), will announce 2002 second quarter earnings on Wednesday, July 24, 2002 during morning market hours. The management of Gulf Island Fabrication, Inc. will hold a conference call on Thursday, July 25, 2002, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company's financial results for the quarter ended June 30, 2002. The call is accessible by webcast through CCBN and by dialing the following: Dial In: 1 - 800-360-9865 Webcast: www.gulfisland.com Replay of the call is available two hours after the call and ending August 1, 2002 by dialing: Phone Number: 1-800-428-6051 Replay Passcode: 251461 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, and steel warehousing and sales.