Gulf Island Completes Sale of Texas North Yard
November 15 2018 - 6:10PM
Gulf Island Fabrication, Inc. (“Gulf Island” or the “Company”)
(NASDAQ: GIFI), announced today that on November 15, 2018, the
Company completed the sale of its North Yard facilities in Aransas
Pass, Texas and certain associated equipment for $28
million.
Kirk J. Meche, President and CEO of Gulf Island,
stated, “The sale of the Texas North Yard is complete and is
consistent with the timeline and proceeds previously announced in
September of this year. The sale proceeds provide us with
greater flexibility as we continue to strategically reposition
ourselves to more diversified markets and customers. We continue to
market our remaining assets held for sale.”
Gulf Island is a leading fabricator of complex
steel structures, modules and marine vessels used in energy
extraction and production, petrochemical and industrial facilities,
power generation, alternative energy and shipping and marine
transportation operations. The Company also provides project
management for EPC projects along with installation, hookup,
commissioning and repair and maintenance services. In addition, the
Company performs civil, drainage and other work for state and local
governments. The Company operates and manages its business through
four operating divisions: Fabrication, Shipyard, Services and EPC,
with its corporate headquarters located in Houston, Texas and
fabrication facilities located in Houma, Jennings and Lake Charles,
Louisiana.
Cautionary Statement:This press release
contains forward-looking statements. Forward-looking statements are
all statements other than statements of historical facts, such as
projections or expectations relating to such topics as oil and gas
prices, operating cash flows, capital expenditures, liquidity and
tax rates. 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.
We caution 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 our actual results to differ materially from those
anticipated in the forward-looking statements include the cyclical
nature of the oil and gas industry, changes in backlog estimates,
suspension or termination of projects, timing and award of new
contracts, financial ability and credit worthiness of our customers
and consolidation of our customers, competitive pricing and cost
overruns, entry into new lines of business, ability to raise
additional capital, ability to sell certain assets, advancement on
the SeaOne Project, ability to resolve dispute with a customer
relating to a purported termination of contracts to build MPSVs,
ability to remain in compliance with our covenants contained in our
credit agreement, ability to employ skilled workers, operating
dangers and limits on insurance coverage, weather conditions,
competition, customer disputes, adjustments to previously reported
profits under the percentage-of-completion method, loss of key
personnel, compliance with regulatory and environmental laws,
ability to utilize navigation canals, performance of
subcontractors, systems and information technology interruption or
failure and data security breaches and other factors described in
more detail in “Risk Factors” in Item 1A of our annual report on
Form 10-K for the year ended December 31, 2017, as updated by our
subsequent filings with the U.S. Securities and Exchange
Commission.
Investors are cautioned that many of the
assumptions upon which our forward-looking statements are based are
likely to change after the forward-looking statements are made,
which we cannot control. Further, we may make changes to our
business plans that could affect our results. We caution investors
that we do not intend to update forward-looking statements more
frequently than quarterly notwithstanding any changes in our
assumptions, changes in business plans, actual experience or other
changes, and we undertake no obligation to update any
forward-looking statements.
For further information contact:
Kirk J.
Meche Chief
Executive Officer713.714.6100
Westley S. StocktonChief Financial Officer713.714.6100
Gulf Island Fabrication (NASDAQ:GIFI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gulf Island Fabrication (NASDAQ:GIFI)
Historical Stock Chart
From Apr 2023 to Apr 2024