Exhibit 99.1

Gulf Island Fabrication, Inc. Reports First Quarter Earnings

HOUMA, La.--(BUSINESS WIRE)--Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $13.4 million ($.94 diluted EPS) on revenue of $123.7 million for its first quarter ended March 31, 2008, compared to net income of $4.4 million ($.31 diluted EPS) on revenue of $109.4 million for the first quarter ended March 31, 2007.

The company had a revenue backlog of $440.1 million and a labor backlog of approximately 4.5 million man-hours remaining to work, which consist of work remaining at March 31, 2008 and commitments received since March 31, 2008.

SELECTED BALANCE SHEET INFORMATION
(in thousands)
  March 31,   December 31,
  2008   2007
Cash and short-term investments $ 5,836 $ 24,640
Total current assets 145,463 135,747
Property, plant and equipment, at cost, net 194,040 188,766
Total assets 340,204 325,213
Total current liabilities 79,461 78,363
Debt 0 0
Shareholders' equity 241,340 228,913
Total liabilities and shareholders' equity 340,204 325,213

The management of Gulf Island Fabrication, Inc. will hold a conference call tomorrow April 24, 2008 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company’s financial results for the quarter ended March 31, 2008. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.791.4316. A digital rebroadcast of the call is available two hours after the call and ending May 8, 2008 by dialing 1.888.203.1112, replay passcode: 2145557.

Gulf Island Fabrication, Inc., based in Houma, Louisiana, is a leading fabricator of offshore drilling and production platforms, hull and/or deck sections of floating production platforms and other specialized structures used in the development and production of offshore oil and gas reserves. These structures include jackets and deck sections of fixed production platforms; hull and/or deck sections of floating production platforms (such as tension leg platforms TLPs, SPARs, FPSOs, MinDOCs, piles, wellhead protectors, subsea templates and various production, compressor and utility modules, offshore living quarters, tanks and barges. The Company also provides offshore interconnect pipe hook-up, inshore marine construction, manufacture and repair of pressure vessels, heavy lifts such as ship integration and TLP module integration, loading and offloading of jack-up drilling rigs, semi-submersible drilling rigs, TLPs, SPARs, or other similar cargo, onshore and offshore scaffolding, piping insulation services, and steel warehousing and sales.

GULF ISLAND FABRICATION, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(in thousands, except per share data)
     
 
Three Months Ended
March 31,
  2008     2007  
 
Revenue $ 123,728 $ 109,373
Cost of revenue   100,534     100,863  
Gross profit 23,194 8,510
General and administrative expenses   2,718     2,307  
Operating income 20,476 6,203
 
Other income (expense):
Interest expense (6 ) (11 )
Interest income 109 119
Other   (60 )   (4 )
  43     104  
 
Income before income taxes 20,519 6,307
 
Income taxes   7,079     1,892  
 
 
Net income $ 13,440   $ 4,415  
 
 
 
Per share data:
 
Basic earnings per share: $ 0.95   $ 0.31  
 
Diluted income per share: $ 0.94   $ 0.31  
 
 
Weighted-average shares 14,219 14,127
Effect of dilutive securities: employee stock options   51     131  
Adjusted weighted-average shares   14,270     14,258  
 
Depreciation and amortization included in expense above $ 4,176   $ 3,426  
 
Cash dividend declared per common share $ 0.100   $ 0.100  

CONTACT:
Gulf Island Fabrication, Inc.
Kerry J. Chauvin, 985-872-2100
Chief Executive Officer
or
Robin A. Seibert, 985-872-2100
Chief Financial Officer