MARCH 20, 2018 — Gulf Island Fabrication, Inc. (NASDAQ:GIFI)confirmed yesterday that, as we reported March 17, through its subsidiary Gulf Island Shipyards, L.L.C., it has signed a contract for the construction and delivery of one Towing, Salvage and Rescue Ship (T-ATS) vessel with the U.S. Navy with an option for seven additional vessels.
According to the Department of Defense, the shipyard will receive a $63,560,942 contract for the detail design and construction of the first vessel while subsequent options for the seven additional vessels if exercised would bring the cumulative value of the contract to $522,701,092.
Offshore wind tower and platform, too
In addition to the T-ATS award, Gulf Island, L.L.C., the company’s fabrication subsidiary, has signed a contract with U.S. Wind, Inc. for one MET tower and platform for its offshore wind project located off the coast of Maryland.
According to published reports, the the tower is a 328-foot above sea level structure resting on a 60-foot above sea level platform. It will run on solar powered batteries and will gather meteorological data.
“We are extremely excited to have these awards with the U.S. Navy along with U.S. Wind and look forward to working with them to successfully deliver these projects. These projects support our efforts to diversify our company within our reporting segments as we continue to look for ways to provide opportunities for our employees and value-added returns for our shareholders,” said Gulf Island President & CEO Kirk Meche.
The T-ATS class vessels will replace both the Safeguard Class (T-ARS) Salvage and Rescue Ships and the the Powhatan Class Fleet Ocean Tug (T-ATF).