Exhibit 99.1

GULF ISLAND

REPORTS FOURTH QUARTER AND FULL-YEAR 2022 RESULTS

THE WOODLANDS, TX - Gulf Island Fabrication, Inc. (NASDAQ: GIFI) (“Gulf Island” or the “Company”), a leading steel fabricator and service provider to the industrial and energy sectors, today announced results for the fourth quarter and full-year 2022.

FOURTH QUARTER 2022 SUMMARY (as compared to the fourth quarter 2021)

Consolidated revenue for the fourth quarter 2022 was $38.1 million, compared to $25.8 million for the fourth quarter 2021. Consolidated income from continuing operations for the fourth quarter 2022 was $0.5 million, compared to a loss of $6.2 million for the fourth quarter 2021. Consolidated EBITDA from continuing operations was $1.7 million for the fourth quarter 2022, versus a loss of $5.1 million for the prior year period. Consolidated income and EBITDA from continuing operations for the fourth quarter 2022 each included a loss of $3.6 million for the Shipyard Division and net gains of $3.0 million from insurance recoveries associated with damage previously caused by Hurricane Ida. Consolidated loss and EBITDA from continuing operations for the fourth quarter 2021 each included a loss of $1.6 million for the Shipyard Division, charges of $3.2 million associated with damage caused by Hurricane Ida and acquisition costs of $0.5 million related to the DSS Acquisition (discussed further below). See “Non-GAAP Measures” below for the Company’s definition of EBITDA and reconciliations of the relevant EBITDA amount to the most comparable GAAP measure.

MANAGEMENT COMMENTARY

“The solid business momentum we experienced throughout 2022 continued into year end, as reflected by our strong fourth quarter results driven by ongoing strength in our Services Division and small-scale fabrication business, as well as the commencement of our large fabrication project,” said Richard Heo, Gulf Island’s President and Chief Executive Officer. “Our total revenue grew by almost 50% during the fourth quarter, and our Services and Fabrication Divisions generated strong year-over-year EBITDA growth, excluding the impacts of Hurricane Ida. While we began initial work on our large fabrication project during the fourth quarter, in February we received direction from our customer to suspend project activities. We are disappointed by this development; however, we are hopeful this is just a delay and we are doing what is necessary to minimize the near-term impact of the suspension on our business.”

“While we are proud of the strong operating results to close out the year, we are even more excited by the continued strength in our end markets and how we are strategically positioned to take advantage of these favorable trends,” continued Heo. “Bidding activity in our core Gulf Coast region remains robust, which should drive continued strength in our Services Division and small-scale fabrication business, with availability of labor being the biggest constraint on growth. In addition, we continue to see strong activity for large fabrication projects driven by markets such as LNG and the ongoing energy transition. While we are hopeful that work on our large fabrication project will resume, we remain encouraged by the activity in the large fabrication market and continue to pursue new project opportunities to add to our Fabrication Division backlog.”

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“We delivered solid margin performance despite the partial under-utilization of our Fabrication facilities, as we generated double-digit EBITDA margins in both our Services and Fabrication Divisions during the fourth quarter,” stated Westley Stockton, Gulf Island’s Chief Financial Officer. “We anticipate continued growth for our Services Division and our small-scale fabrication business during 2023 and remain optimistic about the long-term outlook for our Fabrication Division.”

“We made important progress on our strategic initiatives during 2022, as we successfully executed on our plan to position Gulf Island to pursue profitable growth by expanding our services business, focusing on legacy offshore markets while also pursing new growth markets, and maintaining our bidding discipline,” noted Heo. “I am very proud of everything our team has accomplished, but the hard work is far from done, and we remain focused on continuing to execute against our strategic plan and driving value for all our stakeholders,” concluded Heo.

STRATEGIC UPDATE

Gulf Island continues to execute on the second phase of its strategic transformation, which is focused on generating stable, profitable growth based on pursuing new growth end markets, growing and diversifying its services business, further strengthening project execution, and expanding its skilled labor workforce, while continuing to pursue opportunities in its traditional offshore markets. Below is an update on the progress made on each of these initiatives during the fourth quarter:

Pursue traditional offshore markets – Gulf Island continues to fabricate structures associated with its traditional offshore markets, including subsea and offshore structures. Bidding activity in the Gulf of Mexico remains robust as evidenced by continued new awards momentum during the fourth quarter and early 2023.

Pursue new growth end markets – Gulf Island has a strong foundation to pursue new growth opportunities in its core Gulf Coast region based on attractive bidding activity in the LNG and petrochemical markets combined with more limited industry fabrication capacity. In addition, activity related to the energy transition in the U.S. continues to accelerate, providing a meaningful opportunity for Gulf Island over the longer-term.

Grow and diversify services business – Gulf Island continues to expand its Services business with fourth quarter revenues nearly level with the third quarter despite the normal fourth quarter seasonal headwinds. Gulf Island continues to pursue strategic partnerships and other opportunities to further expand and diversify its services business. In the fourth quarter, the Company commenced its first project for its new services business line, Spark Safety, which provides welding enclosures that create a safe environment for hot work to be carried out without the need to shut down operations.

Further strengthen project execution and maintain bidding discipline – Project execution remained strong in the fourth quarter with projects performing consistent with as-sold estimates. Gulf Island is dedicated to taking a disciplined approach when bidding on additional large fabrication project opportunities especially given the challenges with availability of skilled labor.

Expand skilled workforce – Gulf Island made significant progress expanding its skilled labor force through the DSS Acquisition and the Company has successfully maintained its headcount levels despite the competitive industry-wide labor environment. Additionally, Gulf Island is focused on training and developing its workforce, and in 2022, the Company was awarded the Texas Workforce Commission Skills Development grant. These funds provide an opportunity to deliver additional on-demand technical training to help develop the next generation of skilled craft professionals in pipe fitting, welding, scaffold building, painting/blasting, equipment operation and rigging in the rapidly growing energy industry.

SEGMENT RESULTS FOR FOURTH QUARTER 2022

Services Segment – Revenue for the fourth quarter 2022 was $21.6 million, an increase of $8.1 million compared to the fourth quarter 2021. The increase was primarily due to incremental revenue associated with the DSS Acquisition and higher offshore services activity.

New project awards were $21.3 million for the fourth quarter 2022, representing a 51.3% year-over-year increase, and backlog totaled $1.3 million at December 31, 2022. The new award growth was driven by the DSS Acquisition and higher offshore services work. See “Non-GAAP Measures” below for the Company’s definition of new project awards and backlog.

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Operating income was $2.2 million for the fourth quarter 2022, compared to operating income of $1.0 million for the fourth quarter 2021. EBITDA for the fourth quarter was $2.6 million (or 11.9% of revenue), versus $1.2 million (or 9.2% of revenue) for the prior year period. Operating results for the fourth quarter 2022 benefited from strong trends in the division’s legacy offshore services business, a more favorable project margin mix and the DSS Acquisition. Operating results for the fourth quarter 2021 included charges of $0.1 million associated with damage caused by Hurricane Ida and acquisition costs of $0.5 million related to the DSS Acquisition. See “Non-GAAP Measures” below for the Company’s definition of EBITDA and a reconciliation of the Services Division operating income to EBITDA.

Fabrication Segment – Revenue for the fourth quarter 2022 was $16.4 million, an increase of $6.2 million compared to the fourth quarter 2021. The increase was primarily due to higher small-scale fabrication activity and progress on the division’s large fabrication project for offshore structures, offset partially by the completion of several large fabrication projects that were in progress in the prior period.

New project awards were $17.3 million for the fourth quarter 2022, representing a 124.4% year-over-year increase, and backlog totaled $110.3 million at December 31, 2022. The new award growth was driven by higher small-scale fabrication work. In February 2023, the Company received direction from its customer to suspend all activities on the division’s large fabrication project. No duration of the suspension or potential timing of recommencement of the project was provided. See “Non-GAAP Measures” below for the Company’s definition of new project awards and backlog.

Operating income was $4.1 million for the fourth quarter 2022, compared to an operating loss of $3.8 million for the fourth quarter 2021. EBITDA for the fourth quarter 2022 was $5.0 million, versus a loss of $3.0 million for the prior year period. Operating results for the fourth quarter 2022 included net gains of $3.0 million from insurance recoveries associated with damage previously caused by Hurricane Ida. Operating results for the fourth quarter 2021 included charges of $3.1 million associated with damage caused by Hurricane Ida and project improvements of $1.2 million. While both periods were impacted by low revenue volume and the associated partial under-recovery of overhead costs due to the under-utilization of facilities and resources, the improved profitability in 2022 was the result of higher revenue and a more favorable project margin mix. See “Non-GAAP Measures” below for the Company’s definition of EBITDA and a reconciliation of the Fabrication Division operating income and loss to EBITDA.

Shipyard Segment – Revenue for the fourth quarter 2022 was $0.4 million, a decrease of $2.0 million compared to the fourth quarter 2021. Revenue for both quarters related entirely to the division’s seventy-vehicle ferry and two forty-vehicle ferry projects.

Operating loss was $3.6 million for the fourth quarter 2022, compared to an operating loss of $1.6 million for the fourth quarter 2021. Operating results for the fourth quarter 2022 included charges of $2.0 million on the division’s seventy-vehicle ferry project and remaining forty-vehicle ferry project, and vessel holding costs and legal and advisory fees of $1.7 million associated with the Company’s MPSV dispute. Operating results for the fourth quarter 2021 included charges of $0.7 million on the division’s seventy-vehicle ferry project, vessel holding costs and legal and advisory fees of $0.4 million associated with the Company’s MPSV dispute, and charges of $0.2 million associated with damage caused by Hurricane Ida.

Corporate Segment – Operating loss was $2.3 million for the fourth quarter 2022, compared to an operating loss of $1.7 million for the fourth quarter 2021. The increase was primarily due to higher incentive plan costs and costs associated with initiatives to diversify and enhance the Company's business.

Discontinued Operations – In April 2021, the Company sold its Shipyard Division operating assets and long-term construction contracts (“Shipyard Transaction”). Discontinued operations include the results associated with the operations included in the Shipyard Transaction and certain previously closed Shipyard Division facilities. There were no results from discontinued operations for the fourth quarter 2022.

Segment Descriptions – The Company’s divisions represent its reportable segments which are “Services”, “Fabrication”, “Shipyard” and “Corporate”. The Services Segment includes offshore and onshore services work performed at customer facilities, including offshore platforms, and includes the results of the services and industrial staffing businesses of Dynamic Industries, Inc. acquired in December 2021 (“DSS Acquisition”). The Fabrication Segment includes all fabrication work performed on-site at the Company’s facilities, including pull-through fabrication work for the Services Segment. The Shipyard Segment includes two ferries under construction that are anticipated to be completed by the second quarter 2023 and holding costs and legal fees associated with the Company’s contract dispute for two multi-purpose supply vessels (“MPSV”). The Corporate Segment includes costs that are not directly related to the Company’s operating segments, including the costs of being a publicly traded company.

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BALANCE SHEET AND LIQUIDITY

The Company’s cash and short-term investments balance at December 31, 2022 was $44.7 million, including $1.6 million of restricted cash associated with outstanding letters of credit. At December 31, 2022, the Company had no bank debt.

FOURTH QUARTER 2022 CONFERENCE CALL

Gulf Island will hold a conference call on Tuesday, March 28, 2023 at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss the Company’s financial results. The call will be available by webcast and can be accessed on Gulf Island’s website at www.gulfisland.com. Participants may also join the call by dialing 1.877.704.4453 and requesting the “Gulf Island” conference call. A replay of the webcast will be available on the Company's website for seven days after the call.

ABOUT GULF ISLAND

Gulf Island is a leading fabricator of complex steel structures and modules and provider of specialty services, including project management, hookup, commissioning, repair, maintenance, scaffolding, coatings, welding enclosures, civil construction and staffing services to the industrial and energy sectors. The Company’s customers include U.S. and, to a lesser extent, international energy producers; refining, petrochemical, LNG, industrial and power operators; and EPC companies. The Company is headquartered in The Woodlands, Texas and its primary operating facilities are located in Houma, Louisiana.

NON-GAAP MEASURES

This Release includes certain non-GAAP measures, including earnings before interest, taxes, depreciation and amortization (“EBITDA”), new project awards and backlog. The Company believes EBITDA is a useful supplemental measure as it reflects the Company's operating results excluding the non-cash impacts of depreciation and amortization. Reconciliations of the relevant EBITDA amount to the most comparable GAAP measure are presented under “Consolidated Results of Operations” and “Results of Operations by Segment” below.

The Company believes new project awards and backlog are useful supplemental measures as they represent work that the Company is obligated to perform under its current contracts. New project awards represent the expected revenue value of contract commitments received during a given period, including scope growth on existing contract commitments. Backlog represents the unrecognized revenue value of new project awards, and at December 31, 2022, was consistent with the value of remaining performance obligations for contracts as determined under GAAP.

Non-GAAP measures are not intended to be replacements or alternatives to GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. The Company may present or calculate non-GAAP measures differently from other companies.

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CAUTIONARY STATEMENTS

This Release contains forward-looking statements in which the Company discusses its potential future performance. Forward-looking statements, within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, are all statements other than statements of historical facts, such as projections or expectations relating to timing of delivery of vessels related to the Active Retained Shipyard Contracts and subsequent wind down of the Company’s Shipyard Division operations; expected exposure in the event of an adverse outcome in the MPSV Litigation; diversification and entry into new end markets; improvement of risk profile; industry outlook; oil and gas prices; timing of investment decisions and new project awards; cash flows and cash balance; capital expenditures; liquidity; and tax rates. The words “anticipates,” “may,” “can,” “plans,” “believes,” “estimates,” “expects,” “projects,” “targets,” “intends,” “likely,” “will,” “should,” “to be,” “potential” and any similar expressions are intended to identify those assertions as forward-looking statements.

The Company cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause its actual results to differ materially from those anticipated in the forward-looking statements include: supply chain disruptions (including global shipping and logistics challenges), inflationary pressures, economic slowdowns and recessions, natural disasters, public health crises (such as COVID-19), labor costs and geopolitical conflicts (such as the conflict in Ukraine), and the related volatility in oil and gas prices and other factors impacting the global economy; the cyclical nature of the oil and gas industry; outcome of the MPSV Litigation and the Company’s ability to resolve any other material legal proceedings; competition; reliance on significant customers; competitive pricing and cost overruns on its projects; performance of subcontractors and dependence on suppliers; timing and its ability to secure and commence execution of new project awards, including fabrication projects for refining, petrochemical, LNG, industrial and sustainable energy end markets, and the resumption of the Company’s suspended large fabrication project; the Company’s ability to maintain and further improve project execution; nature of its contract terms and customer adherence to such terms; suspension or termination of projects; changes in contract estimates; customer or subcontractor disputes; operating dangers, weather events and limits on insurance coverage; the operability and adequacy of its major equipment; the final assessment of damage at the Company's Houma Facilities and the related recovery of any insurance proceeds; its ability to raise additional capital; its ability to amend or obtain new debt financing or credit facilities on favorable terms; its ability to generate sufficient cash flow; its ability to obtain letters of credit or surety bonds and ability to meet any indemnification obligations thereunder; consolidation of its customers; financial ability and credit worthiness of its customers; adjustments to previously reported profits or losses under the percentage-of-completion method; its ability to employ a skilled workforce; loss of key personnel; utilization of facilities or closure or consolidation of facilities; failure of its safety assurance program; barriers to entry into new lines of business; weather impacts to operations; any future asset impairments; changes in trade policies of the U.S. and other countries; compliance with regulatory and environmental laws; lack of navigability of canals and rivers; systems and information technology interruption or failure and data security breaches; performance of partners in any future joint ventures and other strategic alliances; shareholder activism; focus on environmental, social and governance factors by institutional investors and regulators; and other factors described under “Risk Factors” in Part I, Item 1A of the Company’s 2021 Annual Report and as may be further updated by subsequent filings with the SEC.

Additional factors or risks that the Company currently deems immaterial, that are not presently known to the Company or that arise in the future could also cause the Company’s actual results to differ materially from its expected results. Given these uncertainties, investors are cautioned that many of the assumptions upon which the Company’s forward-looking statements are based are likely to change after the date the forward-looking statements are made, which it cannot control. Further, the Company may make changes to its business plans that could affect its results. The Company cautions investors that it undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as of the date made, for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise, and notwithstanding any changes in its assumptions, changes in business plans, actual experience or other changes.

COMPANY INFORMATION

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Consolidated Results of Operations(1) (in thousands, except per share data)

Consolidated EBITDA(2) (in thousands)

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Results of Operations by Segment (in thousands)

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Consolidated Balance Sheets (in thousands)

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Consolidated Cash Flows(1) (in thousands)

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