Gulf Island Receives Multiple Subsea Fabrication Awards
29 Novembre 2023 - 3:00PM
Gulf Island Fabrication, Inc. (“Gulf Island” or the
“Company”) (NASDAQ: GIFI), a leading steel fabricator and
service provider to the industrial and energy sectors, today
announced that it has been awarded multiple subsea fabrication
projects from a leading integrated subsea engineering, procurement,
construction and installation (“EPCI”) company.
The projects consist of procurement,
fabrication, coating and testing of subsea structures for multiple
developments located in the Gulf of Mexico. The fabricated
components include PLETs (pipeline end terminations), jumper kits,
jumpers and sleepers that will be fabricated at Gulf Island’s Houma
fabrication facility. The aggregate contract value for the various
awards is approximately $5 million and they will be included in the
Company’s new awards and backlog in the fourth quarter 2023.
“Several years ago, we made a strategic decision
to focus resources on the subsea fabrication market, so we are
excited to see momentum building in this market, with these recent
awards validating our strategy,” said Richard Heo, Gulf Island’s
President and Chief Executive Officer. “We expect subsea
fabrication activity to remain strong well into 2024, associated
with anticipated subsea developments across the Gulf of Mexico,
Guyana and Brazil, and Gulf Island is well-positioned to take
advantage of these trends. We are proud to have been chosen for
these critical projects and look forward to expanding our
relationship with this customer.”
ABOUT GULF ISLAND
Gulf Island is a leading fabricator of complex
steel structures and modules and provider of specialty services,
including project management, hookup, commissioning, repair,
maintenance, scaffolding, coatings, welding enclosures, civil
construction and staffing services to the industrial and energy
sectors. The Company’s customers include U.S. and, to a lesser
extent, international energy producers; refining, petrochemical,
LNG, industrial and power operators; and EPC companies. The Company
is headquartered in The Woodlands, Texas and its primary operating
facilities are located in Houma, Louisiana.
CAUTIONARY STATEMENT
This release contains forward-looking statements
in which the Company discusses its potential future performance,
operations and projects. Forward-looking statements, within the
meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995, are all statements other
than statements of historical facts, such as projections or
expectations relating to industry outlook; timing of investment
decisions and new project awards; and execution of strategic
initiatives. 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.
The Company cautions 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 the Company’s actual results to differ
materially from those anticipated in the forward-looking statements
include: timing and its ability to secure and commence execution of
new project awards; its ability to maintain and further improve
project execution; nature of its contract terms and customer
adherence to such terms; suspension or termination of projects;
changes in contract estimates; customer or subcontractor disputes;
operating dangers and weather events; operability and adequacy of
its major equipment; its ability to obtain letters of credit or
surety bonds; its ability to employ a skilled workforce; loss of
key personnel; and other factors described under “Risk Factors” in
Part I, Item 1A of the Company’s annual report on Form 10-K for the
year ended December 31, 2022, as updated by subsequent filings with
the SEC.
Additional factors or risks that the Company
currently deems immaterial, that are not presently known to the
Company or that arise in the future could also cause the Company’s
actual results to differ materially from its expected results.
Given these uncertainties, investors are cautioned that many of the
assumptions upon which the Company’s forward-looking statements are
based are likely to change after the date the forward-looking
statements are made, which it cannot control. Further, the Company
may make changes to its business plans that could affect its
results. The Company cautions investors that it undertakes no
obligation to publicly update or revise any forward-looking
statements, which speak only as of the date made, for any reason,
whether as a result of new information, future events or
developments, changed circumstances, or otherwise, and
notwithstanding any changes in its assumptions, changes in business
plans, actual experience or other changes.
COMPANY INFORMATION |
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Richard W. Heo |
Westley S. Stockton |
Chief Executive Officer |
Chief Financial Officer |
713.714.6100 |
713.714.6100 |
Grafico Azioni Gulf Island Fabrication (NASDAQ:GIFI)
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