Gulf Island Fabrication, Inc. Reports Fourth Quarter Earnings

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $4.6 million ($.32 diluted EPS) on revenue of $70.8 million for its fourth quarter ended December 31, 2009, compared to net income of $874,000 ($.06 diluted EPS) on revenue of $86.2 million for the fourth quarter ended December 31, 2008. Net income for the twelve months ended December 31 2009 was $20.8 million ($1.44 diluted EPS) on revenue of $311.5 million, compared to the net income of $29.0 million ($2.02 diluted EPS) on revenue of $420.5 million for the twelve months ended December 31, 2008.

The company had a revenue backlog of $136.8 million and a labor backlog of approximately 1.5 million man-hours remaining to work, which consist of work remaining at December 31, 2009 and commitments received through February 25, 2010.

The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, February 26, 2010, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss the Company’s financial results for the quarter ended December 31, 2009. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.811.5445. A digital rebroadcast of the call is available two hours after the call and ending March 5, 2010 by dialing 1.888.203.1112, replay passcode: 2174197.

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 and various production, compressor and utility modules, offshore living quarters, brown water towboats, lift boats, tanks and barges. The Company also provides offshore interconnect pipe hook-up, inshore marine construction, manufacture and repair of pressure vessels, dry dock and marine repair services, 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.