Exhibit 99.2

        Gulf Island Fabrication, Inc. Declares Dividend on Common Stock


    HOUMA, La.--(BUSINESS WIRE)--Oct. 26, 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 12.3 million shares of common stock
outstanding.
    The dividend was declared during a regular meeting of the board
and is payable November 18, 2005, to shareholders of record on
November 8, 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.
             Kerry J. Chauvin, 985-872-2100
             or
             Joseph "Duke" Gallagher, 985-872-2100