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December 6, 2005

Gulf Island wins topsides contract

Gulf Island Fabrication, Inc. (NASDAQ: GIFI ), Houma, La., says that its wholly owned subsidiary Gulf Island, L.L.C., has executed a contract with Atlantia Offshore Limited to fabricate the topsides for the Neptune Platform.

The Neptune field is a joint venture operated by BHP Billiton Petroleum with partners Marathon Oil Corp., Woodside Energy (USA) Inc., a subsidiary of Woodside Petroleum Ltd., and Maxus (US) Exploration, a subsidiary of Repsol YPF. The platform is located in approximately 4,300 feet of water in the deepwater Gulf of Mexico.

Gulf Island has begun fabrication and expects to deliver the topsides in 2007. It will use its existing facilities and labor in Houma to complete the project.