<SEC-DOCUMENT>0001157523-11-003523.txt : 20110603
<SEC-HEADER>0001157523-11-003523.hdr.sgml : 20110603
<ACCEPTANCE-DATETIME>20110603154849
ACCESSION NUMBER:		0001157523-11-003523
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110531
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110603
DATE AS OF CHANGE:		20110603

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:		11892155

	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>a6748277.htm
<DESCRIPTION>GULF ISLAND FABRICATION, INC. 8-K
<TEXT>
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    <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><br>
    </p>
    <hr style="color: #000000; height: 1.0 pt; text-align: center; width: 10%">


    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 14pt"><b>FORM 8-K</b></font><br><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 14pt"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt">Pursuant to Section
      13 or 15(d) of the Securities Exchange Act of 1934</font>
    </p>
    <hr style="color: #000000; height: 1.0 pt; text-align: center; width: 20%">


    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Date of
      Report </b></font><i><font style="font-family: Times New Roman; font-size: 12pt">(Date
      of earliest event reported)</font></i><font style="font-family: Times New Roman; font-size: 12pt">:</font><font style="font-family: Times New Roman; font-size: 12pt"><b>
      May 31, 2011</b></font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><br><font style="font-family: Times New Roman; font-size: 16pt"><b>Gulf
      Island Fabrication, Inc.</b></font><br><i><font style="font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font></i><br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Louisiana</b>
          </p>
        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 34%; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>001-34279</b>
          </p>
        </td>
        <td style="white-space: nowrap; text-align: center; padding-left: 0.0px; width: 33%; padding-right: 0.0px" valign="top">
          <b>72-1147390</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(State or other jurisdiction</i>
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 34%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(Commission</i>
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(IRS Employer</i>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>of incorporation)</i>
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 34%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>File Number)</i>
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Identification No.)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>567 Thompson Road</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Houma, Louisiana</b>
          </p>
        </td>
        <td style="white-space: nowrap; text-align: center; width: 50%; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>70363</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(Address of principal executive offices)</i>
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 50%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(Zip Code)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>(985) 872-2100</b><br><i>(Registrant's telephone number, including
      area code)</i><br><br>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligations of the registrant under
      any of the following provisions</font>:
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">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-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 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>
      <b>Item 1.01 &#160;&#160;&#160;&#160;&#160;&#160;Entry Into a Material Definitive Agreement.</b>
    </p>
    <p>

    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      Effective May 31, 2011, Gulf Island Fabrication, Inc., as borrower,
      Whitney National Bank and JPMorgan Chase Bank, N.A., as lenders, and the
      guarantors specified therein, entered into the Tenth Amendment to Ninth
      Amended and Restated Credit Agreement (as&#160;&#160;amended, the&#160;&#160;&quot;Credit
      Facility&quot;).&#160;&#160;The amendment extends the term of the Credit Facility from
      December 31, 2012 to December 31, 2013. The foregoing summary is
      qualified by the full text of the amendment, which is filed herewith as
      Exhibit 10.1 and incorporated herein by reference.
    </p>
    <p>

    </p>
    <p>
      <b>Item 9.01&#160;&#160;&#160;&#160;&#160;&#160; Financial Statements and Exhibits.</b>
    </p>
    <p>
      &#160;&#160;&#160;&#160;&#160;&#160;(d)&#160;&#160;&#160;&#160;&#160;Exhibits.
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      The following exhibit is filed herewith:
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      <u>Exhibit No.</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Description</u>
    </p>
    <p style="white-space: nowrap; text-indent: 30.0px">
      10.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Tenth Amendment to Ninth Amended and Restated
      Credit Agreement.
    </p>
    <p>
      <br>
      <br>
      <br>

    </p>
    <p style="text-align: center">
      <b>SIGNATURE</b><br>
    </p>
    <p style="text-indent: 30.0px">
      <font style="font-family: Times New Roman; font-size: 10pt">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 cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="width: 6%">

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

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

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

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

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

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

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

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

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

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

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

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

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

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 51%" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 6%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Dated:
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 39%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            June 3, 2011
          </p>
        </td>
        <td style="width: 4%">

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

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

    </p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>a6748277ex10_1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <font style="font-size: 10pt"><b>EXHIBIT 10.1</b></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt"><b>TENTH AMENDMENT TO</b></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt"><b>NINTH
      AMENDED AND RESTATED</b></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt"><b>CREDIT
      AGREEMENT</b></font>
    </p>
    <p style="text-align: left">

    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      <font style="font-size: 10pt">This TENTH AMENDMENT dated as of May 31,
      2011 (this &#8220;</font><u><font style="font-size: 10pt">Amendment</font></u><font style="font-size: 10pt">&#8221;),
      to that certain </font><font style="font-size: 10pt"><b>NINTH AMENDED
      AND RESTATED CREDIT AGREEMENT</b></font><font style="font-size: 10pt">,
      as amended</font><font style="font-size: 10pt"><b> </b></font><font style="font-size: 10pt">(as
      so amended, the &#8220;</font><u><font style="font-size: 10pt">Credit
      Agreement</font></u><font style="font-size: 10pt">&#8221;), dated as of
      December 31, 2003, is among </font><font style="font-size: 10pt"><b>GULF
      ISLAND FABRICATION, INC., </b></font><font style="font-size: 10pt">a
      Louisiana corporation (&#8220;</font><u><font style="font-size: 10pt">Borrower</font></u><font style="font-size: 10pt">&#8221;),
      </font><font style="font-size: 10pt"><b>GULF ISLAND, L.L.C.</b></font><font style="font-size: 10pt">,
      a Louisiana limited liability company, </font><font style="font-size: 10pt"><b>DOLPHIN
      SERVICES, L.L.C.</b></font><font style="font-size: 10pt">, a Louisiana
      limited liability company and successor by merger to Dolphin Services,
      Inc., </font><font style="font-size: 10pt"><b>SOUTHPORT, L.L.C.</b></font><font style="font-size: 10pt">,
      a Louisiana limited liability company and successor by merger to
      Southport, Inc., </font><font style="font-size: 10pt"><b>GULF ISLAND
      MINDOC COMPANY, L.L.C. </b></font><font style="font-size: 10pt">(formerly
      Vanguard Ocean Services, L.L.C.), a Louisiana limited liability company, </font><font style="font-size: 10pt"><b>GULF
      MARINE FABRICATORS, L.P. (</b></font><font style="font-size: 10pt">formerly
      G.M. FABRICATORS, L.P. and NEW VISION L.P.), a Texas limited
      partnership, </font><font style="font-size: 10pt"><b>GULF MARINE
      FABRICATORS GENERAL PARTNER, L.L.C., (</b></font><font style="font-size: 10pt">formerly
      NEW VISION GENERAL PARTNER, L.L.C.), a Louisiana limited liability
      company, and </font><font style="font-size: 10pt"><b>GULF MARINE
      FABRICATORS LIMITED PARTNER, L.L.C.</b></font><font style="font-size: 10pt">
      (formerly NEW VISION LIMITED PARTNER, L.L.C.), a Louisiana limited
      liability company, as Guarantors, </font><font style="font-size: 10pt"><b>WHITNEY
      NATIONAL BANK</b></font><font style="font-size: 10pt">, a national
      banking association (&#8220;</font><u><font style="font-size: 10pt">Whitney</font></u><font style="font-size: 10pt">&#8221;)
      and </font><font style="font-size: 10pt"><b>JPMORGAN CHASE BANK, N.A.</b></font><font style="font-size: 10pt">
      (successor by merger to BANK ONE, N.A., Chicago) in its individual
      capacity (&#8220;</font><u><font style="font-size: 10pt">JPMorgan</font></u><font style="font-size: 10pt">&#8221;)
      (Whitney and JPMorgan, each a &#8220;</font><u><font style="font-size: 10pt">Lender</font></u><font style="font-size: 10pt">&#8221;
      and collectively the &#8220;</font><u><font style="font-size: 10pt">Lenders</font></u><font style="font-size: 10pt">&#8221;)
      and JPMorgan, as Agent and LC Issuer.</font>
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      <font style="font-size: 10pt">WHEREAS, the Borrower has requested that
      the Lenders extend the Facility Termination Date under the Credit
      Agreement; and</font>
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      <font style="font-size: 10pt">WHEREAS, the Lenders are agreeable
      thereto, on the terms and conditions set forth herein;</font>
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      <font style="font-size: 10pt">NOW, THEREFORE, the parties hereto do
      hereby amend the Credit Agreement, all on the terms and conditions
      hereof and do hereby agree as follows:</font>
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      <font style="font-size: 10pt">1.&#160;&#160;&#160;&#160;&#160;Unless otherwise defined herein,
      all defined terms used in this Amendment shall have the same meaning
      ascribed to such terms in the Credit Agreement.</font>
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      <font style="font-size: 10pt">2.&#160;&#160;&#160;&#160;&#160;The Credit Agreement is hereby
      amended by amending and restating the definition of &#8220;Facility
      Termination Date&#8221; to read in its entirety as follows:</font>
    </p>
    <p style="margin-left: 60.0px; text-align: justify">
      <font style="font-size: 10pt">&#8220;Facility Termination Date&#8221; means
      December&#160;31, 2013 or any later date as may be specified as the Facility
      Termination Date in any amendment to this Agreement or any earlier date
      on which the Aggregate Commitment is reduced to zero or otherwise
      terminated pursuant to the terms hereof.</font>
    </p>
    <p style="text-indent: 30.0px; text-align: justify">
      <font style="font-size: 10pt">3.&#160;&#160;&#160;&#160;&#160;Except to the extent its provisions
      are specifically amended, modified or superseded by this Amendment, the
      representations, warranties and affirmative and negative covenants of
      the Borrower contained in the Credit Agreement are incorporated herein
      by reference for all purposes as if copied herein in full.&#160;&#160;The Borrower
      hereby restates and reaffirms each and every term and provision of the
      Credit Agreement, as amended, including, without limitation, all
      representations, warranties and affirmative and negative
      covenants.&#160;&#160;Except to the extent its provisions are specifically
      amended, modified or superseded by this Amendment, the Credit Agreement,
      as amended, and all terms and provisions thereof shall remain in full
      force and effect, and the same in all respects are confirmed and
      approved by the parties hereto.</font>
    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; text-indent: 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 style="text-align: justify; text-indent: 30.0px">
      <font style="font-size: 10pt">4.&#160;&#160;&#160;&#160;&#160;Borrower and each Guarantor
      acknowledge and agree that this Amendment shall not be considered a
      novation or a new contract.&#160;&#160;Borrower and each Guarantor acknowledge
      that all existing rights, titles, powers, Liens, security interests and
      estates in favor of the Lenders constitute valid and existing
      obligations and Liens and security interests as against the Collateral
      in favor of the Agent for the benefit of the Lenders.&#160;&#160;Borrower and each
      Guarantor confirm and agree that (a) neither the execution of this
      Amendment nor the consummation of the transactions described herein
      shall in any way effect, impair or limit the covenants, liabilities,
      obligations and duties of the Borrower and each Guarantor under the Loan
      Documents, and (b) the obligations evidenced and secured by the Loan
      Documents continue in full force and effect.&#160;&#160;Each Guarantor hereby
      further confirms that it unconditionally guarantees to the extent set
      forth in the Guaranty the due and punctual payment and performance of
      any and all amounts and obligations owed the Borrower under the Credit
      Agreement or the other Loan Documents.</font>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      <font style="font-size: 10pt">5.&#160;&#160;&#160;&#160;&#160;Borrower and each Guarantor that
      has executed or is executing any mortgage, security agreement, pledge,
      or other security device as security for the obligations under the
      Credit Agreement hereby acknowledges and affirms that such security
      remains in effect for the Obligations.&#160;&#160;Further, Borrower and each
      Guarantor agree to execute such amendments, modifications, and additions
      as may be requested by Agent from time to time.</font>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      <font style="font-size: 10pt">6.&#160;&#160;&#160;&#160;&#160;This Amendment may be executed in
      any number of counterparts and all of such counterparts taken together
      shall be deemed to constitute one and the same instrument.</font>
    </p>
    <p style="text-align: justify; text-indent: 30.0px">
      <font style="font-size: 10pt">7.&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt"><b>THIS
      AMENDMENT AND THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY
      EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH
      THE INTERNAL LAWS OF LOUISIANA, BUT GIVING EFFECT TO FEDERAL LAWS
      APPLICABLE TO NATIONAL BANKS.</b></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt"><br style="font-size: 10pt"></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 10pt"><b>[Remaining page left blank;
      Signature pages follow]</b></font></i>
    </p>
    <p style="text-align: left">
      <br>
      <br>
      <br>
      <br>

    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 10pt; font-family: Times New Roman">
          2
        </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 style="text-align: left">

    </p>
    <p style="white-space: nowrap; text-align: justify; text-indent: 30.0px">
      <font style="font-size: 10pt">IN WITNESS WHEREOF, the Borrower, the
      Guarantors, the Lenders, the LC Issuer and the Agent have executed this
      as of the date first above written.</font>
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="width: 50%">
          &#160;
        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>BORROWER</b></u><b>:</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          <b>GULF ISLAND FABRICATION, INC.</b>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 4%; padding-bottom: 2.0px" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; width: 46%; border-bottom: solid black 1.0pt" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Kerry J. Chauvin
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="padding-left: 0.0px; width: 46%" valign="top">
          Kerry J. Chauvin, Chairman &amp; CEO
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>GUARANTORS</b></u><b>:</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          <b>GULF ISLAND, L.L.C.</b>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 4%; padding-bottom: 2.0px" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; width: 46%; border-bottom: solid black 1.0pt" valign="top">
          /s/ William G. Blanchard
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="padding-left: 0.0px; width: 46%" valign="top">
          William G. Blanchard, President &amp; CEO
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          <b>DOLPHIN SERVICES, L.L.C.,</b>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          successor by merger to Dolphin Services, Inc.
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 4%; padding-bottom: 2.0px" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; width: 46%; border-bottom: solid black 1.0pt" valign="top">
          /s/ William J. Fromenthal
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="padding-left: 0.0px; width: 46%" valign="top">
          William J. Fromenthal, President &amp; CEO
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>SOUTHPORT, L.L.C.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 4%; padding-bottom: 2.0px" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; width: 46%; border-bottom: solid black 1.0pt" valign="top">
          /s/ William G. Blanchard
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="padding-left: 0.0px; width: 46%" valign="top">
          William G. Blanchard, President &amp; CEO
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 10pt; font-family: Times New Roman">
          Signature Page 1
        </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 cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="width: 50%">
          &#160;
        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>GUARANTORS</b></u><b>: (cont&#8217;d)</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          <b>GULF ISLAND MINDOC COMPANY, L.L.C.</b>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 4%; padding-bottom: 2.0px" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; width: 46%; border-bottom: solid black 1.0pt" valign="top">
          /s/ Kerry J. Chauvin
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="padding-left: 0.0px; width: 46%" valign="top">
          Kerry J. Chauvin, Manager
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          <b>GULF MARINE FABRICATORS, L.P.</b>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          (formerly G.M. FABRICATORS, L.P. and
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          NEW VISION, L.P.)
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 4%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 46%" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Gulf Marine Fabricators General Partner, L.L.C.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 4%; padding-bottom: 2.0px" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; width: 46%; border-bottom: solid black 1.0pt" valign="top">
          /s/ Kerry J. Chauvin
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="padding-left: 0.0px; width: 46%" valign="top">
          Kerry J. Chauvin, Manager
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <b>GULF MARINE FABRICATORS GENERAL PARTNER, L.L.C.</b>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          <b>(</b>Formerly NEW VISION GENERAL PARTNER, L.L.C.)
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 4%; padding-bottom: 2.0px" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; width: 46%; border-bottom: solid black 1.0pt" valign="top">
          /s/ Kerry J. Chauvin
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="padding-left: 0.0px; width: 46%" valign="top">
          Kerry J. Chauvin, Manager
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" valign="top" colspan="2">
          <b>GULF MARINE FABRICATORS LIMITED PARTNER, L.L.C.</b>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          (Formerly NEW VISION LIMITED PARTNER, L.L.C.)
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 4%; padding-bottom: 2.0px" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; width: 46%; border-bottom: solid black 1.0pt" valign="top">
          /s/ Kerry J. Chauvin
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="padding-left: 0.0px; width: 46%" valign="top">
          Kerry J. Chauvin, Manager
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center; font-size: 10pt; font-family: Times New Roman">
          Signature Page 2
        </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 cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
      <tr>
        <td style="width: 50%">
          &#160;
        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>LENDERS</b></u><b>:</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>JPMORGAN CHASE BANK, N.A.</b>,
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          Successor by merger to Bank One, NA, Chicago,
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          Individually, as LC Issuer, and as Agent
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 4%; padding-bottom: 2.0px" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; width: 46%; border-bottom: solid black 1.0pt" valign="top">
          /s/ Donald Hunt
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="padding-left: 0.0px; width: 46%" valign="top">
          Donald Hunt, Vice President
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap; text-align: justify">
      <font style="font-size: 10pt">Commitment:&#160;&#160;$30,000,000.00</font>
    </p>
    <p>

    </p>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">
      <div>
        <div style="text-align: left">

        </div>
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        <div style="text-align: center; font-size: 10pt; font-family: Times New Roman">
          Signature Page 3
        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

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

        </div>
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    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; font-family: Times New Roman; width: 100%; margin-bottom: 10.0px">
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        <td style="width: 50%">
          &#160;
        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>LENDERS</b></u><b>: (cont&#8217;d)</b>
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        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
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          &#160;
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      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px" valign="top" colspan="2">
          <b>WHITNEY NATIONAL BANK</b>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="width: 46%">
          &#160;
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      </tr>
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        <td style="width: 50%">

        </td>
        <td style="padding-left: 0.0px; width: 4%; padding-bottom: 2.0px" valign="top">
          By:
        </td>
        <td style="padding-left: 0.0px; width: 46%; border-bottom: solid black 1.0pt" valign="top">
          /s/ Josh J. Jones
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="padding-left: 0.0px; width: 46%" valign="top">
          Josh J. Jones
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

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

        </td>
        <td style="padding-left: 0.0px; width: 46%" valign="top">
          Area President South Central Region
        </td>
      </tr>
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      <font style="font-size: 10pt">Commitment:&#160;&#160;$30,000,000.00</font>
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    <p>

    </p>
    <p style="text-align: center">
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</SEC-DOCUMENT>
