Gulf Island Fabrication, Inc. Announces Appointment of New Board Member
October 15 2018 - 7:03PM
Gulf Island Fabrication, Inc. (“Gulf Island" or the “Company”)
(NASDAQ: GIFI), announced today that Ms. Cheryl Richard has been
appointed to its Board of Directors, effective October 15, 2018.
Ms. Richard has more than 30 years of experience
in the energy industry, including service with upstream, offshore
drilling and related companies. She served in various leadership
roles for Conoco Phillips, as well as Vice President of Human
Resources for Chevron Phillips Chemical Company. She also served as
Senior Vice President of Human Resources & Information
Technology for Transocean Ltd. Ms. Richard currently serves as a
member of the Supervisory Board of SBM Offshore. She holds
Bachelor’s and Master’s degrees in Business Administration from
Murray State University, Kentucky.
“We are pleased to welcome Cheryl to Gulf
Island’s Board of Directors,” said Jack Laborde, Chairman of the
Board. “Her background and industry experience will complement our
Board and she will be a tremendous asset as we continue to position
Gulf Island for future growth.”
Gulf Island Fabrication, Inc., based in Houston,
Texas, with facilities located in Louisiana and Texas, is a leading
fabricator of complex steel structures and marine vessels used for
Oil & Gas production and transportation, petrochemical and
industrial facilities, power generation and alternative energy
projects. Gulf Island also provides related installation,
hookup, commissioning, repair and maintenance services with
specialized crews and integrated project management capabilities.
Visit us at our website www.gulfisland.com.
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 an alleged 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: |
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Kirk J.
Meche |
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Westley S.
Stockton |
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Chief Executive
Officer |
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Chief Financial
Officer |
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713.714.6100 |
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713.714.6100 |
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