February 27, 2008

Gulf Island Fabrication reports soaring income and revenues

Gulf Island Fabrication, Inc. (NASDAQ: GIFI - News) today reported net income of $8.9 million ($.62 diluted EPS) on revenue of $100.9 million for its fourth quarter ended December 31, 2007, compared to net income of $3.7 million ($.26 diluted EPS) on revenue of $76.0 million for the fourth quarter ended December 31, 2006. Net income for the twelve months ended December 31, 2007 was $31.2 million ($2.18 diluted EPS) on revenue of $472.7 million, compared to net income of $21.3 million ($1.53 diluted EPS) on revenue of $312.2 million for the twelve months ended December 31, 2006.

The company had a revenue backlog of $330.4 million and a labor backlog of approximately 3.7 million man-hours remaining to work, which consist of work remaining at December 31, 2007 and commitments received through February 27, 2008.

Based in Houma, Louisiana, Gulf Island Fabrication, Inc.,, 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. 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, TLPs , SPARs, or other similar cargo, onshore and offshore scaffolding, piping insulation services, and steel warehousing and sales.