Gulf Island Fabrication, Inc. Announces Cooperative Agreement

  Gulf Island Fabrication, Inc. Announces Cooperative Agreement

Business Wire

HOUSTON -- July 24, 2014

Gulf Island Fabrication, Inc. (NASDAQ: GIFI), announced today that, they have
signed a cooperative agreement with Bechtel Oil, Gas, and Chemicals, Inc. to
work together to pursue opportunities for offshore projects for the U.S. Gulf
of Mexico and abroad. Gulf Island’s fabrication experience, infrastructure,
and skilled labor along with Bechtel’s unmatched engineering, project
management, and direct-hire construction capabilities, provides customers a
strong EPC provider.

The cooperation agreement is predicated on one governing principle – to
deliver to our customers, high quality EPC solutions on time and on budget.
Gulf Island and Bechtel will use this model to deliver fixed, floating, and
subsea facilities to the market.

“Gulf Island is excited about the cooperation agreement signed with Bechtel
which couples our fabrication expertise and specialized capabilities with one
of the most respected EPC companies in the world. Together we offer a new
approach to deliver offshore projects which incorporates innovative solutions
and flexibility to meet and exceed client expectations and requirements,” said
Kirk Meche, President and CEO of Gulf Island Fabrication, Inc.

“With the expansion of the demand for energy around the world, oil companies
continue to expand and develop larger and more complex offshore projects, and
will need reliable contractors to deliver them. The agreement between Bechtel
and Gulf Island Fabrication creates a team that can deliver them
successfully,” said Joe Gebara, general manager of Bechtel’s Offshore
business. “Gulf Island’s record of fabricating some of the most challenging
offshore structures makes the company a strong partner for Bechtel. I am
looking forward to our success working closely together.”

Gulf Island Fabrication, Inc., based in Houston, Texas, with fabrication
facilities located in Houma, Louisiana, and San Patricio County, Texas, 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.


Gulf Island Fabrication, Inc.
Kirk J. Meche, 713-714-6100
Chief Executive Officer
Jeffrey M. Favret, 713-714-6100
Chief Financial Officer
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