United States

Profile: Gulf Island Fabrication Inc (GIFI.OQ)

GIFI.OQ on NASDAQ Stock Exchange Global Select Market

28 Jun 2017
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Gulf Island Fabrication, Inc. (Gulf Island), incorporated on April 27, 1989, is a holding company. The Company, along with its subsidiaries, is a fabricator of steel platforms and other specialized structures for customers in the offshore oil and gas industry. The Company also performs onshore and offshore construction and fabrication services for customers in the marine industry. The Company's primary activity is the fabrication of offshore drilling and production platforms and other steel structures for customers in the oil and gas and marine industries, including jackets and deck sections of fixed production platforms, hull, tendon, and/or deck sections of floating production platforms, such as tension leg platforms (TLPs); Spars; floating production, storage and offloading (FPSO) and Minimum Deepwater Operating Concept (MinDoc), piles, wellhead protectors, subsea templates, and various production, compressor, and utility modules. The Company conducts its operations through its subsidiaries, which include Gulf Island, L.L.C.; Gulf Marine Fabricators, L.P.; Gulf Island Marine Fabricators, L.L.C.; Gulf Island Shipyards, L.L.C.; Dolphin Services, L.L.C.; and Dolphin Steel Sales, L.L.C.

The Company's common type of fixed platform consists of a jacket (a tubular steel, braced structure extending from the mud line on the seabed to a point above the water surface), which supports the deck structure located above the level of storm waves and is secured with tubular pilings driven deep into the seabed. The deck structure is designed to accommodate multiple functions, including drilling, production, separating, gathering, piping, compression, well support, and crew quartering. The Company's Decks are built either as single structures or in sections and are installed on location on fixed and floating platforms by construction contractors. The composition and quantity of petroleum in the well stream generally determine the size and configuration of the production deck on a processing platform. Deck equipment includes crude oil pumps, oil and gas separators, and gas compressors. The TLPs consist of a deck that sits atop one or more column-shaped hulls, which are positioned on site with vertical tendons running from the hulls to the seabed. The Company fabricates subsea templates used in connection with TLPs. Subsea templates are structures installed on the seabed before development drilling begins.

The Company provides interconnect piping services on offshore platforms and inshore steel structures. The Company also contracts with oil and gas companies that have platforms and other structures located in the inland lakes and bays throughout the southeast for various on-site construction and maintenance activities. In addition, it fabricate pressure vessels and large and small packaged skid units and provide various municipal and drainage projects, such as pump stations, levee reinforcement, bulkheads and other levee and drainage projects, to state and local governments. The Company manufactures and repairs various steel marine vessels in the United States, including offshore supply vessels; anchor handling vessels; and lift boats to support the construction and ongoing operation of offshore oil and gas production platforms; tug boats and towboats for towing and pushing barges that support transportation of various types of products and materials; mooring and positioning, dredging assistance, tanker escort, port management, shipping, piloting, coastal flood protection barge gates, inland and offshore barges, and fire-fighting and salvage vessels. The Company also constructs dry docks to lift marine vessels out of the water. Its marine repair activities include steel repair, blasting and painting services, electrical systems repair, machinery and piping system repairs, and propeller, shaft, and rudder reconditioning.

Louisiana Operations

The Company's main fabrication yard is located on the east bank of the Houma Navigation Canal in Houma, Louisiana, approximately 30 miles from the Gulf of Mexico. This facility is situated on approximately 140 acres, of which 100 acres are developed for fabrication, and includes several buildings totaling approximately 49,000 square feet of administrative offices, 267,000 square feet of covered fabrication area, over 47,000 square feet of warehouse storage area and 8,000 square feet of training and medical facilities. The main yard also has approximately 2,800 linear feet of water frontage, which includes approximately 1,500 feet of steel bulkheads that permit load out of heavy structures.

Gulf Island's west yard is located across the Houma Navigation Canal from the main yard on approximately 437 acres, and 130 acres of which are developed for fabrication and over 300 acres of which are unimproved land that could be used for expansion. The west yard spans approximately 6,750 linear feet of the Houma Navigation Canal, including 2,350 feet of steel bulkhead, and has approximately 151,600 square feet of covered fabrication area, 21,000 square feet of warehouse storage area, and two buildings providing an additional 8,000 square feet for administrative offices.

The Company's Houma north yard operates on the east bank of the Houma Navigation Canal adjacent to its Houma main fabrication yard. The facility covers adjacent 20 acres and includes a two-story, 5,000 square foot administration building with an attached 5,300 square foot warehouse. The property has approximately 1,850 linear feet of water frontage, including a 380 linear foot steel bulkhead that permits docking of vessels and the load out of structures. Located approximately a quarter of a mile from Gulf Island's main yard on a channel adjacent to the Houma Navigation Canal, the Company operates approximately 60-acre facility that includes buildings totaling approximately 14,500 square feet of administrative offices, 40,800 square feet of covered fabrication area, 29,600 square feet of warehouse storage area, a 10,000 square foot blasting and coating facility and approximately 1,320 linear feet of water frontage, including 660 feet of steel bulkhead.

Texas Operations

The Company's south yard in Ingleside, Texas is located on the northwest corner of the intersection between the Gulf Intracoastal Waterway and the Corpus Christi Ship Channel. The 45-foot deep Corpus Christi Ship Channel provides direct and unrestricted access to the Gulf of Mexico, which allows for fabrication or assembly of jacket or other structure in use for the development and production of oil and gas in the Gulf of Mexico. This facility is situated on approximately 210 acres developed for fabrication and assembly, and includes a fabrication shop with approximately 5,000 square feet of covered fabrication area, 10,000 square feet of warehouse storage area and 2,700 square feet of training facilities. The yard includes approximately 2,650 linear feet of water frontage, all of which is reinforced by steel bulkhead.

The Company's Texas north yard in Aransas Pass, Texas is located along the United States Intracoastal Waterway and is approximately three miles north of the Corpus Christi Ship Channel. This facility is situated on approximately 160 acres, of which 85 acres are dedicated to fabrication activities and 55 acres are used for the storage of steel, prefabricated elements, equipment, and spare parts. Several buildings are located on its Texas north yard with approximately 328,000 square feet of covered fabrication area, 22,000 square feet of administrative office space, 61,750 square feet of warehouse storage area and 16,000 square feet of training and medical facilities. The yard also has approximately 3,000 linear feet of water frontage, including approximately 1,000 feet of steel bulkhead.

The Company competes with State Services Co. Inc. and Kiewit Offshore Services.

Company Address

Gulf Island Fabrication Inc

16225 Park Ten Pl Ste 280
HOUSTON   TX   77084-5138
P: +1713.7146100
F: +1985.8765414

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