Gulf Island Announces Project Award
November 27 2018 - 8:50AM
Gulf Island Fabrication, Inc. (“Gulf Island” or the “Company”)
(NASDAQ: GIFI), announced today that it has received a Notification
of Award for the construction of two (2) forty (40) vehicle ferries
from the North Carolina Department of Transportation. A formal
contract is anticipated to be signed by year end. Revenue backlog
and man-hours associated with this project will be reported in
connection with the Company’s filing of its financial results for
the fourth quarter 2018.
“We are pleased to have been selected by the
North Carolina Department of Transportation to build these ferries.
This is yet another example of our continuing diversification plan
that goes beyond the traditional oil & gas sector,” said Kirk
Meche, President and C.E.O. of Gulf Island.
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 |
|
Westley S. Stockton |
Chief
Executive Officer |
|
Chief
Financial Officer |
713.714.6100 |
|
713.714.6100 |
|
|
|
Gulf Island Fabrication (NASDAQ:GIFI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Gulf Island Fabrication (NASDAQ:GIFI)
Historical Stock Chart
From Sep 2023 to Sep 2024