Exhibit 99.1

NEWS RELEASE

For further information contact:

FOR IMMEDIATE RELEASE

OCTOBER 12, 2007

GULF ISLAND FABRICATION, INC.

TO ANNOUNCE EARNINGS RESULTS

AND QUARTERLY CONFERENCE CALL

Houma, LA — (BUSINESS WIRE) — October 12, 2007 — Gulf Island Fabrication, Inc. (NASDAQ: GIFI), will announce 2007 third quarter earnings after the market close on Thursday, October 25, 2007.

The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, October 26, 2007, 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, 2007.

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

A digital rebroadcast of the call is available two hours after the call and ending November 2, 2007 by dialing:

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”, 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, TLP’s, SPARs, or other similar cargo, onshore and offshore scaffolding, piping insulation services, and steel warehousing and sales.