Exhibit 99.1

NEWS RELEASE

For further information contact:

FOR IMMEDIATE RELEASE

OCTOBER 13, 2006

GULF ISLAND FABRICATION, INC.

TO ANNOUNCE EARNINGS RESULTS

AND QUARTERLY CONFERENCE CALL

Houma, LA — (BUSINESS WIRE) — October 13, 2006—Gulf Island Fabrication, Inc. (NASDAQ: GIFI), will announce 2006 third quarter earnings on Wednesday, November 1, 2006 at 8:00 a.m. Central Time (9:00 a.m. Eastern Time).

The management of Gulf Island Fabrication, Inc. will hold a conference call on Wednesday, November 1, 2006, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company’s financial results for the quarter ended September 30, 2006.

The call is accessible by webcast through CCBN and by dialing the following:

Dial In:       1.800.946.0705

Webcast:    www.gulfisland.com

A digital rebroadcast of the call is available two hours after the call and ending November 14, 2006 by dialing:

Phone Number:       1.888.203.1112

Replay Passcode:    1182943

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.