Exhibit 99.2


    Gulf Island Fabrication, Inc. Declares Dividend on Common Stock

   HOUMA, La.--(BUSINESS WIRE)--Feb. 4, 2004--Gulf Island
Fabrication, Inc. (NASDAQ: GIFI), announced today that its board of
directors declared a dividend of $0.05 per share on Gulf Island
Fabrication, Inc.'s approximately 11.8 million shares of common stock
outstanding.
   The dividend was declared during a regular meeting of the board
and is payable February 27, 2004, to shareholders of record on
February 17, 2004.
   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.

    CONTACT: Gulf Island Fabrication, Inc.
             Kerry J. Chauvin, 985-872-2100
             or
             Joseph "Duke" Gallagher, 985-872-2100