Profile: Gulf Island Fabrication Inc (GIFI.OQ)

GIFI.OQ on NASDAQ Stock Exchange Global Select Market

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Gulf Island Fabrication, Inc., incorporated in 1985, is a holding company. The Company is a fabricator of offshore drilling and production platforms, hull and deck sections of floating production platforms and other specialized structures used in the development and production of offshore crude oil and natural gas (oil and gas) reserves. The Company’s primary activity is the fabrication of offshore drilling and production platforms, 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 vessels (FPSOs) and Minimum Deepwater Operating Concept (MinDOC’s)), piles, wellhead protectors, subsea templates and various production, compressor and utility modules. Its Houma facilities are located on 663 acres, of which 316 are developed for fabrication activities.

SPAR is a vessel with a circular cross-section that sits vertically in the water and is supported by buoyancy chambers (hard tanks) at the top and stabilized by a structure (midsection) hanging from the hard tanks. Gulf Island Fabrication, Inc. conducts all of its operations through its subsidiaries, which include Gulf Island, L.L.C. (Gulf Island), Gulf Marine Fabricators, L.P. (Gulf Marine), Gulf Island Marine Fabricators, L.L.C. (Gulf Island Marine), Dolphin Services, L.L.C. (Dolphin Services), Dolphin Steel Sales, L.L.C. (Dolphin Steel Sales) and Gulf Island Resources, L.L.C. (Gulf Island Resources). Gulf Island and Gulf Marine is engaged in fabrication of offshore drilling and production platforms and other specialized structures used in the development and production of oil and gas reserves. Gulf Island Marine is engaged in providing marine fabrication and construction services. Dolphin Services is engaged in providing offshore and onshore fabrication and construction services. Dolphin Steel Sales sells steel plate and other steel products.

The Company produces and repairs pressure vessels used in the oil and gas industry, refurbish existing platforms, fabricate various other types of steel structures, fabricate living quarters for installation on such platforms ranging in size from 4 to 250 beds, provide onshore and offshore scaffolding and piping insulation services, perform heavy lifts such as ship integration and TLP module integration and load and offload jack-up drilling rigs, semi-submersible drilling rigs, TLPs, SPARs or other similar cargo. The Company also fabricates multiple processing modules installed in petro-chemical plants. Gulf Island Marine can fabricate towboats, barges, lift boats, offshore support vessels and mid-body sections for offshore supply vessels. Its Dry Dock has the capacity to lift 9,000 tons and is used to maintain and repair third party marine vessels, as well as to launch vessels fabricated at its facilities.

Through Gulf Island and Gulf Marine it fabricates the structural components of fixed platforms. Through Dolphin Services, the Company also provides interconnect piping services on offshore platforms, inshore steel and wood structure construction and fabrication of pressure vessels and large and small packaged skid units. Interconnect piping services include welding and other activities required to connect production equipment, service modules and other equipment to a platform prior to its becoming operational. Dolphin Services 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. At its existing facility located a quarter of a mile from the Gulf Island main yard, Dolphin Services can fabricate jackets up to 50 feet tall, along with decks and other steel structures. Dolphin Services serves state and local governments with various municipal and drainage projects, such as pump stations, levee reinforcement, bulkheads and other levee and drainage projects.

Gulf Island’s west yard is located across the Houma Navigation Canal from the main yard on 437 acres, 130 acres of which are developed for fabrication. Gulf Island’s north yard operates on the east bank of the Houma Navigation Canal adjacent to Gulf Island’s main fabrication yard. Dolphin Services operates from a 63-acre site located approximately a quarter of a mile from Gulf Island’s main yard on a channel adjacent to the Houma Navigation Canal. Gulf Marine’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. Gulf Island Marine owns a 9,000 ton Dry Dock used to supplement its marine construction operations in Houma. Dolphin Services owns three spud barges for use in connection with its inshore construction activities. Gulf Marine also owns 13 crawler cranes, which range in tonnage capacity from 230 to 660 tons each.

The Company competes with J. Ray McDermott, S.A. and Kiewit Offshore Services.

Company Address

Gulf Island Fabrication Inc

HOUMA   LA   70361
P: +1504.8722100
F: +1985.8765414

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