Gulf Island Shipyard Awarded 3300HP ABS-Rated Towboat Newbuild Project With One Option
May 25 2018 - 10:54AM
Gulf Island Fabrication, Inc. (“Gulf Island” or the “Company”)
(NASDAQ:GIFI), announced today that through its Shipyard Division,
it has been awarded a newbuild contract for the construction of one
3300-horsepower towboat with one option for another vessel.
Delivery of the first vessel is estimated at 12 months after
contract execution with delivery of the optional vessel
approximately two months after delivery of the first vessel if the
option is exercised by the customer.
Kirk Meche, President & CEO of Gulf Island,
commented, “We are pleased to be awarded the contract for a
newbuild towboat and expect to commence the project almost
immediately in our shipyard in Houma, Louisiana. Gaining additional
backlog in commercial transportation and government markets has
been a focus for us this last year and this is another opportunity
to enhance our shipyard activity. With our marine research vessel,
escort tugs, ice-breaker tug, and vessels for the U.S. Navy, our
order book continues to strengthen including this latest
award.”
About Gulf Island:Gulf Island
Fabrication, Inc., based in Houston, Texas, is a diversified steel
fabrication and energy service company. The Company is a leading
fabricator of complex steel structures, shipbuilder of a variety of
marine vessels, and is leading the way for offshore wind power
developments in the United States. Gulf Island also provides
related installation, hookup, commissioning, repair and maintenance
services with specialized crews and integrated project management
capabilities for EPC projects. For more information, please visit
our website at www.gulfisland.com.
Company Information:Kirk J.
MecheChief Executive Officer713-714-6100
Investor Relations:David S.
SchorlemerChief Financial Officer713-714-6106
Cautionary Statement:This press
release contains forward-looking statements. Forward-looking
statements are all statements other than statements of historical
facts, such as projections or expectations relating to such topics
as oil and gas prices, operating cash flows, capital expenditures,
liquidity and tax rates. The words “anticipates,” “may,” “can,”
“plans,” “believes,” “estimates,” “expects,” “projects,” “targets,”
“intends,” “likely,” “will,” “should,” “to be,” “potential” and any
similar expressions are intended to identify those assertions as
forward-looking statements.
We caution readers that forward-looking
statements are not guarantees of future performance and actual
results may differ materially from those anticipated, projected or
assumed in the forward-looking statements. Important factors that
can cause our actual results to differ materially from those
anticipated in the forward-looking statements include the cyclical
nature of the oil and gas industry, changes in backlog estimates,
suspension or termination of projects, timing and award of new
contracts, financial ability of our customers and consolidation of
our customers, competitive pricing and cost overruns, entry into
new lines of business, ability to raise additional capital, ability
to sell certain assets and monetize other non-recurring
contingencies, operating and financial restrictions contained in
our credit agreement, credit worthiness of our customers, ability
to employ skilled workers, operating dangers and limits on
insurance coverage, weather conditions, competition, customer
disputes, adjustment to previously reported profits under
percentage-of-completion method, loss of key personnel, compliance
with regulatory and environmental laws, ability to utilize
navigation canals, performance of subcontractors, systems and
information technology interruption or failure and data security
breaches and other factors described in more detail in “Risk
Factors” in Item 1A of our annual report on Form 10-K for the year
ended December 31, 2017, as updated by our subsequent filing with
the U.S. Securities and Exchange Commission.
Investors are cautioned that many of the
assumptions upon which our forward-looking statements are based are
likely to change after the forward-looking statements are made,
which we cannot control. Further, we may make changes to our
business plans that could affect our results. We caution investors
that we do not intend to update forward-looking statements more
frequently than quarterly notwithstanding any changes in our
assumptions, changes in business plans, actual experience or other
changes, and we undertake no obligation to update any
forward-looking statements.
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