Gulf Island Announces Project Award
31 July 2019 - 10:30PM
Gulf Island Fabrication, Inc. ("Gulf Island" or the "Company")
(NASDAQ: GIFI) announced today that it has received an award for
the construction of a (70) seventy vehicle ferry from the
Texas Department of Transportation. Delivery is scheduled for late
2021. The ferry will operate between Galveston and Bolivar Island,
Texas.
“I am pleased to have been selected to build
this ferry for the Texas Department of Transportation," said Kirk
Meche, Gulf Island’s President and Chief Executive Officer. “This
award is another example of our commitment to diversify outside of
our traditional oil and gas markets to provide opportunities for
our employees and returns for our shareholders.”
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, installation, hookup, commissioning, repair,
maintenance and civil construction services. The Company operates
and manages its business through three operating divisions:
Fabrication, Shipyard and Services, with its corporate headquarters
located in Houston, Texas and operating facilities located in
Houma, Jennings and Lake Charles, Louisiana. For more information
on the Company, visit Gulf Island’s website at
www.gulfisland.com.
Company Information
Kirk J.
Meche |
Westley S.
Stockton |
Chief Executive Officer |
Chief Financial Officer |
713.714.6100 |
713.714.6100 |
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, and other factors described in Item 1A "Risk
Factors" in our 2018 Annual Report as may be updated by subsequent
filings with the SEC.
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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