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<SEC-DOCUMENT>0001157523-09-007138.txt : 20091023
<SEC-HEADER>0001157523-09-007138.hdr.sgml : 20091023
<ACCEPTANCE-DATETIME>20091022175703
ACCESSION NUMBER:		0001157523-09-007138
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091022
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20091023
DATE AS OF CHANGE:		20091022

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GULF ISLAND FABRICATION INC
		CENTRAL INDEX KEY:			0001031623
		STANDARD INDUSTRIAL CLASSIFICATION:	FABRICATED STRUCTURAL METAL PRODUCTS [3440]
		IRS NUMBER:				721147390
		STATE OF INCORPORATION:			LA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34279
		FILM NUMBER:		091133213

	BUSINESS ADDRESS:	
		STREET 1:		GULF ISLAND FABRICATION INC
		STREET 2:		583 THOMPSON RD
		CITY:			HOUMA
		STATE:			LA
		ZIP:			70361
		BUSINESS PHONE:		5048722100

	MAIL ADDRESS:	
		STREET 1:		P O BOX 310
		CITY:			HOUMA
		STATE:			LA
		ZIP:			70361
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6081130.htm
<DESCRIPTION>GULF ISLAND FABRICATION, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2009 Business Wire, a Berkshire Hathaway company.-->
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  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">
      <br>
      <font style="font-size: 12pt">UNITED STATES</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">Washington,
      D.C. 20549</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman"><b>FORM
      8-K</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><br><font style="font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of the</b></font><br><font style="font-size: 12pt"><b>Securities
      Exchange Act of 1934</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Date
      of Report (Date of Earliest Event Reported): &#160;October 22, 2009</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt"><b>GULF
      ISLAND FABRICATION, INC.</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font>
    </p>
    <p style="text-align: center">

    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; margin-left:auto;margin-right:auto; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Louisiana</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; width: 34%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>0-22303</b>
          </p>
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: center; padding-left: 0.0px; width: 33%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>72-1147390</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other jurisdiction
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            of incorporation)
          </p>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>583 Thompson Road</b><br><b>Houma, Louisiana 70363</b><br>&#160;(Address
      of principal executive offices)(Zip Code)<br><br><br><br><b>(985)
      872-2100</b><br>(Registrant's telephone number, including area code)<br><br><br><br><b>Not
      applicable</b><br>(Former name or former address, if changed since last
      report)<br><br>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Times New Roman">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions </font>(see General Instruction A.2. below)<font style="font-size: 10pt; font-family: Times New Roman">:</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: justify; white-space: nowrap">
      <b>Item 2.02&#160;&#160;&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p style="text-align: justify">

    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      On October 22, 2009, Gulf Island Fabrication, Inc. issued a press
      release announcing third quarter 2009 earnings. A copy of the press
      release is attached as Exhibit 99.1.
    </p>
    <p>

    </p>
    <p>

    </p>
    <p style="text-align: justify; white-space: nowrap">
      <b>Item 9.01&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p>

    </p>
    <p style="text-indent: 30.0px; text-align: left">
      (c) Exhibits<b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b>
    </p>
    <p>

    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 10%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          The following exhibit is filed herewith:
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 10%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 15%">
          Exhibit No.
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 75%">
          Description
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 10%">

        </td>
        <td valign="top" style="padding-right: 0.0px; text-align: left; padding-left: 0.0px; width: 15%; white-space: nowrap">
          99.1
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 75%">
          Press Release dated October 22, 2009
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>
      <br>

    </p>
    <p style="text-align: center">
      <b>SIGNATURES</b><br>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-indent: 30.0px">
      <font style="font-size: 10pt; font-family: Times New Roman">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <p style="text-indent: 30.0px">
      <br>

    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>GULF ISLAND FABRICATION, INC.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 6%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 39%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 4%; padding-bottom: 2.0px">
          By:
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; width: 51%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Robin A. Seibert
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 51%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Robin A. Seibert
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 51%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Vice President &#8211; Finance,
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 51%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 51%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            and Treasurer
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 51%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Principal Financial Officer
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 51%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            and Duly Authorized Officer)
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 51%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 6%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 39%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            October 22, 2009
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 51%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
</html>
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     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6081130ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2009 Business Wire, a Berkshire Hathaway company.-->
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  </head>
  <body style="font-family: Times New Roman; font-size: 8pt">
    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Gulf
      Island Fabrication, Inc. Reports Third Quarter Earnings</b></font>
    </p>
    <p>
      HOUMA, La.--(BUSINESS WIRE)--October 22, 2009--Gulf Island Fabrication,
      Inc. (NASDAQ: GIFI) today reported net income of $6.0 million ($.41
      diluted EPS) on revenue of $76.6 million for its third quarter ended
      September 30, 2009, compared to net income of $2.8 million ($.20 diluted
      EPS) on revenue of $92.7 million for the third quarter ended September
      30, 2008. Net income for the nine months ended September 30, 2009 was
      $16.2 million ($1.12 diluted EPS) on revenue of $240.8 million, compared
      to the net income of $28.1 million ($1.96 diluted EPS) on revenue of
      $334.3 million for the nine months ended September 30, 2008.
    </p>
    <p>
      The company had a revenue backlog of $136.1 million and a labor backlog
      of approximately 1.5 million man-hours remaining to work, which consists
      of work remaining at September 30, 2009 and commitments received through
      October 22, 2009. In past quarters the Company included $147.7 million
      and 1.6 million man-hours in the backlog related to the MinDOC II
      project. Although not formally cancelled, due to current economic
      conditions, it is not likely the MinDOC II project will return to active
      status in the near future.
    </p>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="13">
          <b>SELECTED BALANCE SHEET INFORMATION</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="13">
          (in thousands)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          September 30,
        </td>
        <td>
          &#160;
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="2">
          December 31,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap">
          2009
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap">
          2008
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="5">
          Cash, cash equivalents and short-term investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          8,227
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          13,839
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          122,551
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          136,380
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="4">
          Property, plant and equipment, at cost,net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          202,492
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          204,695
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          338,497
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          350,890
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          46,216
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          74,940
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          0
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          0
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          Shareholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          269,162
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          254,207
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="4">
          Total liabilities and shareholders' equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          338,497
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          350,890
        </td>
      </tr>
    </table>
    </div>
    <p>
      The management of Gulf Island Fabrication, Inc. will hold a conference
      call on Friday, October 23, 2009, at 9:00 a.m. Central Time (10:00 a.m.
      Eastern Time) to discuss the Company&#8217;s financial results for the quarter
      ended September 30, 2009. The call is accessible by webcast (<u>www.gulfisland.com)</u>
      through CCBN and by dialing <b>1.888.215.6825. A digital rebroadcast of
      the call is available two hours after the call and ending October 31,
      2009 by dialing 1.888.203.1112, replay passcode: 7247356.</b>
    </p>
    <p>
      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,
      MinDOCs); piles; wellhead protectors; subsea templates; various
      production, compressor and utility modules; offshore living quarters;
      brown water tow boats; tanks<b> </b>and barges.<b> </b>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.
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 8pt; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="14">
          <b>GULF ISLAND FABRICATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="14">
          <b>CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="14">
          (in thousands, except per share data)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          Three Months Ended
        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="3">
          Nine Months Ended
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3">
          September 30,
        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" colspan="3">
          September 30,
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap">
          2009
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap">
          2008
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap">
          2009
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px; white-space: nowrap">
          2008
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 76,631
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 92,657
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 240,763
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 334,309
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" colspan="2">
          Cost of revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          65,413
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          86,349
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          209,448
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          284,746
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          Gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          11,218
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          6,308
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          31,315
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          49,563
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" colspan="5">
          General and administrative expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          2,051
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          2,070
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          6,247
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          7,339
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          Operating income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          9,167
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          4,238
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          25,068
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          42,224
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          Other income (expense):
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px" colspan="2">
          Interest expense
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (23)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (18)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (58)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (31)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px" colspan="2">
          Interest income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          81
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          42
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          101
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          187
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          2
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (42)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          4
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (97)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          60
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          (18)
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          47
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          59
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="4">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          9,227
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          4,220
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          25,115
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          42,283
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px" colspan="2">
          Income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          3,241
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          1,384
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          8,916
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          14,135
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" colspan="2">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 5,986
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 2,836
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 16,199
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 28,148
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="3">
          Per share data <sup>(a)</sup>:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px; padding-bottom: 4.0px" colspan="6">
          Basic earnings (loss) per share - common shareholders
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 0.41
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 0.20
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 1.12
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 1.97
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px; padding-bottom: 4.0px" colspan="6">
          Diluted earnings (loss) per share - common shareholders
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 0.41
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 0.20
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 1.12
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 1.96
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px" colspan="3">
          Weighted-average shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          14,293
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          14,278
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          14,293
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; text-align: right; padding-left: 0.0px; white-space: nowrap">
          14,249
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px" colspan="6">
          Effect of dilutive securities: employee stock options
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          2
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          40
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          2
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          40
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 4.0px" colspan="4">
          Adjusted weighted-average shares
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          14,295
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          14,318
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          14,295
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          14,289
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" colspan="6">
          Depreciation and amortization included in expense above
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 4,667
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 4,615
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 13,764
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 13,045
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px" colspan="5">
          Cash dividend declared per common share
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 0.01
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 0.10
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 0.12
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-right: 0.0px; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px; white-space: nowrap">
          $ 0.30
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="14">
          <sup>(a)</sup> - Basic and diluted earnings per share for the
          three-month period ended September 30, 2009 and nine-month periods
          ended September 30, 2009 and 2008 have been reduced by $0.01 per
          share as the result of adopting standards contained in ASC
          260-10-45-61A effective January 1, 2009.
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Gulf Island Fabrication, Inc.<br>Kerry J. Chauvin,
      985-872-2100<br>Chief Executive Officer<br>or<br>Robin A. Seibert,
      985-872-2100<br>Chief Financial Officer<br>
    </p>
    <p>

    </p>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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