Gulf Island Fabrication, Inc. Reports Second Quarter Earnings

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) today reported net income of $3.4 million ($.24 diluted EPS) on revenue of $75.3 million for its second quarter ended June 30, 2010, compared to net income of $4.0 million ($.28 diluted EPS) on revenue of $79.1 million for the second quarter ended June 30, 2009. Net income for the six months ended June 30, 2010 was $7.9 million ($.55 diluted EPS) on revenue of $144.5 million, compared to the net income of $10.2 million ($.71 diluted EPS) on revenue of $164.1 million for the six months ended June 30, 2009.

The company had a revenue backlog of $125.8 million and a labor backlog of approximately 1.3 million man-hours remaining to work, which consist of work remaining at June 30, 2010 and commitments received through July 29, 2010.

The management of Gulf Island Fabrication, Inc. will hold a conference call on Friday, July 30, 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 June 30, 2010. The call is accessible by webcast (www.gulfisland.com) through CCBN and by dialing 1.888.801.6502. A digital rebroadcast of the call is available two hours after the call and ending August 6, 2010 by dialing 1.888.203.1112, replay passcode: 5297845.

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, towboats, liftboats, tanks and barges. The Company also provides offshore interconnect pipe hook-up, inshore marine construction, manufacture and repair of pressure vessels, heavy lifts such as ship integration and TLP module integration, loading and offloading of jack-up drilling rigs, semi-submersible drilling rigs, TLPs , SPARs, or other similar cargo, onshore and offshore scaffolding, piping insulation services, and steel warehousing and sales.