Exhibit 99.2

Gulf Island Fabrication, Inc. Declares Dividend on Common Stock

    HOUMA, La.--(BUSINESS WIRE)--Feb. 3, 2005--Gulf Island Fabrication, Inc.
(NASDAQ: GIFI), announced today that its board of directors declared a
dividend of $0.075 per share on Gulf Island Fabrication, Inc.'s
approximately 12.2 million shares of common stock outstanding.
    The dividend was declared during a regular meeting of the board
and is payable February 25, 2005, to shareholders of record on
February 15, 2005.
    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., Houma
             Kerry J. Chauvin or Joseph "Duke" Gallagher, 985-872-2100
             www.gulfisland.com