Gulf Island Fabrication, Inc. Reports Third Quarter Earnings

Business Wire, Oct 25, 2007

HOUMA, La. -- Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $10.0 million ($.70 diluted EPS) on revenue of $124.9 million for its third quarter ended September 30, 2007, compared to net income of $10.0 million ($.72 diluted EPS) on revenue of $89.7 million for the third quarter ended September 30, 2006. Net income for the first nine months of 2007 was $22.3 million ($1.56 diluted EPS) on revenue of $371.8 million, compared to net income of $17.6 million ($1.27 diluted EPS) on revenue of $236.2 million for the first nine months of 2006.

The company had a revenue backlog of $245.2 million and a labor backlog of approximately 2.7 million man-hours remaining to work, which consist of work remaining at September 30, 2007 and commitments received since September 30, 2007.

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The management of Gulf Island Fabrication, Inc. will hold a conference call tomorrow October 26, 2007 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company's financial results for the quarter ended September 30, 2007. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.668.1642. A digital rebroadcast of the call is available two hours after the call and ending November 2, 2007 by dialing 1.888.203.1112, replay passcode: 6249930.

Gulf Island Fabrication, Inc., based in Houma, Louisiana, is a leading fabricator of offshore drilling and production platforms, hull and/or deck sections of floating production platforms and other specialized structures used in the development and production of offshore oil and gas reserves. These structures include jackets and deck sections of fixed production platforms; hull and/or deck sections of floating production platforms (such as tension leg platforms ("TLPs")), "SPARs, FPSOs", piles, wellhead protectors, subsea templates and various production, compressor and utility modules, offshore living quarters, tanks and barges. The Company also provides offshore interconnect pipe hook-up, inshore marine construction, manufacture and repair of pressure vessels, heavy lifts such as ship integration and TLP module integration, loading and offloading of jack-up drilling rigs, semi-submersible drilling rigs, TLP's , SPARs, or other similar cargo, onshore and offshore scaffolding, piping insulation services, and steel warehousing and sales.

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