Gulf Island Announces Sale of Excess Property
28 February 2024 - 12:45AM
Gulf Island Fabrication, Inc. (NASDAQ: GIFI) (the
“Company”), a leading steel fabricator and service
provider to the industrial and energy sectors, announced today that
it has completed the sale of certain excess property that was part
of the Company’s facilities located in Houma, Louisiana for net
cash proceeds of approximately $8.5 million.
“A key aspect of our strategic transformation
has been to improve our resource and facility utilization and the
sale of this property at our Houma facility is consistent with this
objective,” said Richard Heo, Gulf Island’s President and Chief
Executive Officer. “The sale of this under-utilized property has no
impact on our existing Fabrication operations and in no way limits
our ability to pursue future growth opportunities, including a
large fabrication project. We think this is an attractive
transaction for shareholders, as it monetizes an unnecessary asset
and provides us additional financial flexibility as we continue to
pursue our strategic growth initiatives.”
ABOUT GULF ISLAND
Gulf Island is a leading fabricator of complex
steel structures and modules and provider of specialty services,
including project management, hookup, commissioning, repair,
maintenance, scaffolding, coatings, welding enclosures, civil
construction and staffing services to the industrial and energy
sectors. The Company’s customers include U.S. and, to a lesser
extent, international energy producers; refining, petrochemical,
LNG, industrial and power operators; and EPC companies. The Company
is headquartered in The Woodlands, Texas and its primary operating
facilities are located in Houma, Louisiana.
CAUTIONARY STATEMENT
This release contains forward-looking
statements. 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 statements regarding the Company’s
execution of strategic initiatives. The words “anticipates,” “may,”
“can,” “plans,” “believes,” “estimates,” “expects,” “projects,”
“intends,” “likely,” “will,” “to be,” “potential” and any similar
expressions are intended to identify those assertions as
forward-looking statements.
The Company cautions 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 its actual results to differ materially from
those anticipated in the forward-looking statements include, but
are not limited to, factors impacting the global economy; cyclical
nature of the oil and gas industry; competition; timing and its
ability to secure and commence execution of new project awards,
including fabrication projects for refining, petrochemical, LNG,
industrial and sustainable energy end markets; suspension or
termination of projects; and other factors described under “Risk
Factors” in Part I, Item 1A of the Company’s annual report on Form
10-K for the year ended December 31, 2022, as updated by subsequent
filings with the SEC.
Additional factors or risks that the Company
currently deems immaterial, that are not presently known to the
Company or that arise in the future could also cause the Company’s
actual results to differ materially from its expected results.
Given these uncertainties, investors are cautioned that many of the
assumptions upon which the Company’s forward-looking statements are
based are likely to change after the date the forward-looking
statements are made, which it cannot control. Further, the Company
may make changes to its business plans that could affect its
results. The Company cautions investors that it undertakes no
obligation to publicly update or revise any forward-looking
statements, which speak only as of the date made, for any reason,
whether as a result of new information, future events or
developments, changed circumstances, or otherwise, and
notwithstanding any changes in its assumptions, changes in business
plans, actual experience or other changes.
COMPANY INFORMATION
Richard W. Heo |
Westley S. Stockton |
Chief Executive Officer |
Chief Financial Officer |
713.714.6100 |
713.714.6100 |
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