Gulf Island Fabrication, Inc. Announces Project Award

  Gulf Island Fabrication, Inc. Announces Project Award

Business Wire

HOUMA, La. -- February 25, 2013

Gulf Island Fabrication, Inc. (NASDAQ: GIFI), announced today that, through
its subsidiary Gulf Island, L.L.C., it has signed a contract for the
fabrication of (2) 4-pile jackets and associated topsides with Vaalco Energy,
Inc. The platforms will be destined for Gabon, West Africa.

Terms of the contract remain undisclosed. Revenue and man-hour backlog related
to this project will be included in the Company’s consolidated backlog when
the Company announces its earnings results for the year ended December 31,
2012.

Gulf Island Fabrication, Inc., based in Houma, Louisiana, 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. These
structures include jackets and deck sections of fixed production platforms;
hull and/or deck sections of floating production platforms (such as tension
leg platforms (“TLPs”), “SPARs”, “FPSOs” and “MinDOCs”), piles, wellhead
protectors, subsea templates and various production, compressor and utility
modules, offshore living quarters, towboats, liftboats, tanks and barges. 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.

Contact:

Gulf Island Fabrication, Inc.
Kirk J. Meche, 985-872-2100
Chief Executive Officer
or
Roy F. Breerwood, III, 985-872-2100
Chief Financial Officer