Gulf Island Awarded Two Additional Navy Vessels
May 01 2019 - 4:10PM
Gulf Island Fabrication, Inc. ("Gulf Island" or the "Company")
(NASDAQ: GIFI) announced today that it received an award for the
construction of two (2) additional towing, salvage and rescue ships
(“T-ATS”) for the U.S. Navy (“Navy”). This represents the
Navy’s execution of its second and third options for Gulf Island’s
construction of three T-ATS vessels that will be built in the
Company’s shipyard in Houma, Louisiana. The Navy has
remaining options for five (5) additional vessels.
"We are extremely excited that the Navy has
exercised these options for two additional vessels, which once
again exemplifies the confidence and trust our customers have in
Gulf Island and our ability to deliver a quality product. We
look forward to working with the Navy on these very important
projects and in the future on the remaining optionable T-ATS
vessels if exercised,” said Kirk Meche, Gulf Island's President and
Chief Executive Officer. “These projects support our efforts to
diversify our backlog beyond offshore oil and gas and will
contribute significantly to the utilization of our shipyard
facilities.”
About 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.
Company Information |
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Kirk J. MecheChief Executive
Officer713.714.6100 |
Westley S. StocktonChief Financial
Officer713.714.6100 |
Cautionary Statement
This Release contains forward-looking statements
in which we discuss our potential future performance.
Forward-looking statements, within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995, are all statements other than statements of historical facts,
such as projections or expectations relating to 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, competition, consolidation of
our customers, timing and award of new contracts, reliance on
significant customers, financial ability and credit worthiness of
our customers, nature of our contract terms, competitive pricing
and cost overruns on our projects, adjustments to previously
reported profits or losses under the percentage-of-completion
method, weather conditions, changes in backlog estimates,
suspension or termination of projects, ability to raise additional
capital, ability to amend or obtain new debt financing or credit
facilities on favorable terms, ability to remain in compliance with
our covenants contained in our Credit Agreement, ability to
generate sufficient cash flow, ability to sell certain assets,
customer or subcontractor disputes, ability to resolve the dispute
with a customer relating to the purported termination of contracts
to build two MPSVs, operating dangers and limits on insurance
coverage, barriers to entry into new lines of business, ability to
employ skilled workers, loss of key personnel, performance of
subcontractors and dependence on suppliers, changes in trade
policies of the U.S. and other countries, compliance with
regulatory and environmental laws, lack of navigability of canals
and rivers, shutdowns of the U.S. government, systems and
information technology interruption or failure and data security
breaches, performance of partners in our joint ventures and other
strategic alliances, progress of the SeaOne Project, and other
factors described in Item 1A in our Annual Report on Form 10-K
for the Year Ended December 31, 2018, as updated by 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.
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