Gulf Island Fabrication secures contracts for two specialized vessels
Gulf Island Fabrication, Inc. (NASDAQ:GIFI), through its subsidiary Gulf Island Shipyards, L.L.C., has signed a contract for the construction and delivery of one (1) Towing, Salvage and Rescue Ship (T-ATS) Vessel with the U.S. Navy with an option for seven additional vessels, the Company said in a press release.
Revenue backlog and man-hours estimates associated with this project will be included in the Company’s financial results for the quarter ending March 31, 2018.
In addition to this award, Gulf Island, L.L.C., our fabrication subsidiary, has signed a contract with U.S. Wind, Inc. for one Meteorological ("MET") tower and platform for its offshore wind project located off the U.S. coast of Maryland.
“We are extremely excited to have these awards with the U.S. Navy along with U.S. Wind and look forward to working with them to successfully deliver these projects. These projects support our efforts to diversify our company within our reporting segments as we continue to look for ways to provide opportunities for our employees and value-added returns for our shareholders,” stated Kirk Meche, President & C.E.O.
Gulf Island Fabrication, Inc., based in Houston, Texas, with fabrication facilities located in Louisiana and Texas, is a leading fabricator of complex steel structures and marine vessels used for Oil & Gas production and transportation, petrochemical and industrial facilities, power generation and alternative energy projects. Gulf Island also provides related installation, hookup, commissioning, repair and maintenance services with specialized crews and integrated project management capabilities.