• 2018 August 10 18:19

    Gulf Island Fabrication reports Q2 results

    Gulf Island Fabrication, Inc. ("Gulf Island" or the "Company") (NASDAQ:GIFI) says its net income totaled $0.5 million ($0.04 per share) on revenue of $54.0 million for the three months ended June 30, 2018, compared to a net loss of $10.9 million ($0.73 loss per share) on revenue of $45.9 million for the three months ended June 30, 2017, and a net loss of $5.3 million ($0.35 loss per share) on revenue of $57.3 million for the quarter ended March 31, 2018.

    Kirk Meche, the Company's CEO and President, commented, "The improved results for the second quarter of 2018 include another strong performance from our Services Division which contributed $3.6 million in gross profit for the quarter as well as other income of $7.1 million from the sale of our Texas South Yard and settlement of our Hurricane Harvey claim.

    As stated in prior earnings calls, we are focused on managing our balance sheet and building contract backlog in new markets. During the second quarter, we achieved three significant milestones with the final completion and delivery of four petrochemical modules, the sale of our Texas South Yard for net cash proceeds of $53.5 million and successful additions to our Shipyard backlog. On June 6, 2018, one of our customers exercised their option for newbuild construction for a second marine offshore research vessel in the amount of $67.6 million. As of today, our backlog is the largest it has been in four years.

    We continue to market for sale our Texas North Yard, and we are in negotiations with one potential buyer and continue discussions with a number of other interested parties. We hope to have a contract for the sale of this property in the near future."

    The Company's revenue backlog is $347.6 million as of August 8, 2018, including project deliveries through 2022, and has increased since March 31, 2018, due to the new awards within our Shipyard Division discussed above. Our revenue backlog includes approximately $30.2 million subject to a contract termination dispute with a customer for contracts to build two MPSVs. Pending resolution of the dispute, all work has been stopped and the vessels and associated equipment and material are in our care and custody at our shipyard in Houma, Louisiana. Revenue backlog excludes options on contracts of $562.7 million which include deliveries through 2025 should all options be exercised. The Company remains focused on adding profitable backlog to balance our portfolio of projects, executing our existing projects and managing our costs.

    Gulf Island is a diversified, publicly traded corporation that has grown to be a worldwide leader in the project management, construction, and servicing of offshore and onshore facilities within the energy sector and beyond. Construction facilities of Gulf Island are located in the United States along the Gulf Coast.




2019 January 17

18:13 PORT OF KIEL presents annual results 2018
17:51 Ice restrictions at the port of Primorsk come into effect on January 25
17:28 Global Ports sets up a common service call centre
17:09 EFIP welcomes and supports the European Parliament position on the Connecting Europe Facility for 2021-2027
17:05 North Sea Port monitoring the Brexit closely
16:44 ABP invests £700K to boost storage at Port of Ipswich
16:27 Global fuel market: still many uncertainties in both demand and supply
16:22 CMA CGM announces FAK rates from ISC to North Europe and the Mediterranean
16:05 OCEAN Alliance extends duration of OCEAN Alliance to ten years
15:42 COSCO SHIPPING Ports signs agreement with PSA to add two new berths at the terminal in Boao, Hainan
15:31 Liebherr supports the 6th International Forum of Dredging Companies as its Sponsor
15:02 Ocean Yield ASA agrees to acquire a modern Suezmax tanker for a consideration of USD 56.0 mln
14:02 SEACOR Marine enters agreement to acquire three additional platform supply vessels from affiliates of COSCO Shipping Group
13:49 Throughput of Chinese ports grew by 4.2% to 9.22 billion tonnes in 2018
13:32 Jensen Maritime provides design for Shaver Transportation’s new tugboat
13:14 OOCL rolls out third phase of Ocean Alliance product refinements
12:50 Baltic Ports Organization’s schedule for 2019 is set
12:38 Port of Los Angeles breaks all-time cargo record in 2018
12:26 Qatar accedes to load lines convention
12:01 Sunseeker International and Rolls-Royce to present first production yacht with MTU hybrid power in 2020
11:51 Bunker prices continue going down at the Far East ports of Russia (graph)
11:38 Port of Zeebrugge handled 40.1 million tonnes in 2018
11:25 Nor-Shipping reveals stellar line-up for Ocean Leadership Conference
10:52 10 vessels escorted by icebreakers in eastern part of Gulf of Finland during 24 hours on January 16-17
10:28 NOVATEK’s hydrocarbon production totaled 548.4 million boe in 2018, up 6.9% Y-o-Y
10:03 Brent Crude futures price down 0.34% to $61.11, Light Sweet Crude – down 0.54% to $52.03
09:39 Tallink and Taltech to collaborate on developing smart ship solutions
09:17 Baltic Dry Index is down to 1,055 points

2019 January 16

18:36 Kongsberg Gruppen enters into an agreement with Rome AS to divest Kongsberg Evotec
18:06 Seaspan Corporation announces the closing of the second tranche of the $1 billion aggregate investment commitment by Fairfax
17:55 INEOS, Europe’s largest petrochemicals company, announces Antwerp as the location for its new ground breaking 3 billion Euro petrochemical investment
17:50 Throughput of Rostov-on-Don port in 2018 grew by 11.5% Y-o-Y to 24.1 million tonnes
17:36 Rolf A. Sandvik resigns as CEO of The Fjords
17:06 Digging begins in construction of new Antarctic wharf
16:52 Throughput of Russian seaports in 2018 grew by 3.8% Y-o-Y to 816.5 million tonnes (detalization)
16:31 IMO’s polar communication and navigation equipment guidance to be finalized
16:14 COSCO Shipping Lines launches Ocean Alliance 2019 service products
16:10 Ice restrictions at Passenger Port of Saint-Petersburg come into effect on January 25
16:05 Realogis publishes market report on the letting of logistics properties and industrial sites in the greater Hamburg area for 2018
15:46 Ice restrictions at Big Port of St. Petersburg come into effect on January 25
15:33 Verifavia Shipping cements leadership position for EU MRV and IMO DCS IT system certification
15:22 Throughput of Makhachkala Commercial Sea Port almost doubled in 2018 to 2.5 million tonnes
14:57 Houston, Texas will host the 3rd LNG USA Summit on 26-27 February 2019
14:31 Milan, Italy will host the 2nd Small-Scale LNG Summit on 12 February 2019
13:54 CHARLES ANDRÉ Group and Dunkerque-Port join forces to develop combined transport service from Dunkerque
13:25 Société Générale and MPA Singapore join SEA\LNG Board
12:58 Vladivostok Sea Fishing Port handled 4.54 million of cargo in 2018, up 14% Y-o-Y
12:33 VEB team got acquainted with Zvezda SBC production
12:09 ABS Advanced Solutions and Fleet Management Limited partner on cyber security
11:56 Engineers from Far Eastern Federal University provide scientific support of dry dock construction at Zvezda shipyard
11:30 Bunker prices at the Port of Saint-Petersburg, Russia show no significant changes (graph)
11:09 Port of Oakland cargo volume hit all-time high in 2018
10:52 3 icebreaker escort operations performed in eastern part of Gulf of Finland during 24 hours on January 15-16
10:35 ​IMO Secretary-General highlightes the need to consider seafarer training and standards
10:09 Fincantieri to build a new ship for Regent Seven Seas Cruises
09:57 Brent Crude futures price down 0.02% to $60.57, Light Sweet Crude – down 0.03% to $51.97
09:41 CMA CGM OCEANIA LINES - PAD service to resume weekly rotations
09:16 Baltic Dry Index is down to 1,096 points

2019 January 15

18:18 WMU investigated how the global transport industry will change as a result of automation and advanced technologies
17:52 ASCO Training Center achieved all targets set for 2018