EXHIBIT 99.1

NEWS RELEASE

For further information contact:

Kerry J. Chauvin                                         Joseph "Duke" Gallagher
Chief Executive Officer                                  Chief Financial Officer
985.872.2100                                                        985.872.2100
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FOR IMMEDIATE RELEASE
THURSDAY, JANUARY 16, 2003


                          GULF ISLAND FABRICATION, INC.
                          TO ANNOUNCE EARNINGS RESULTS
                          AND QUARTERLY CONFERENCE CALL

Houma, LA -- (BUSINESS WIRE) -- January 16, 2003--Gulf Island Fabrication, Inc.
(NASDAQ: GIFI), will announce 2002 fourth quarter earnings on Wednesday,
February 5, 2003 during morning market hours.

The management of Gulf Island Fabrication, Inc. will hold a conference call on
Thursday, February 6, 2003, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time)
to discuss the Company's financial results for the quarter ended December 31,
2002.

The call is accessible by webcast through CCBN and by dialing the following:

Dial In: 1.800.360.9865

Webcast: www.gulfisland.com

A digital rebroadcast of the call is available two hours after the call and
ending February 13, 2003 by dialing:

Phone Number:    1.800.428.6051

Replay Passcode: 281742

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.