Gulf Island Announces Favorable Federal Court Ruling in Navy Bid Protest

HOUSTON, Dec. 26, 2018 (GLOBE NEWSWIRE) — Gulf Island Fabrication, Inc. (“Gulf Island” or the “Company”) (NASDAQ: GIFI), announced today that the U.S. Court of Federal Claims has ruled in favor of the Government and Gulf Island with respect to the Company’s detail design and construction of up to eight (8) towing, salvage, and rescue ships (“T-ATS”) for the U.S. Navy.  As a result, the partial stop work order previously issued by the U.S. Navy has been cancelled and all performance under the first T-ATS contract, which was previously awarded to the Company by the U.S. Navy, may proceed in accordance with the terms of the contract. 

“We are clearly happy with the ruling from the U.S. Court of Federal Claims,” said Kirk Meche, President and CEO of Gulf Island. “Pre-construction activities for the first T-ATS vessel have been ongoing and we are ready to move forward with construction. We look forward to working with the U.S. Navy on this very important project and in the future on the remaining optionable T-ATS vessels if exercised.”

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.

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