Gulf Island Fabrication Reports First Quarter Earnings

Gulf Island Fabrication, Inc. (NASDAQ: GIFI) reported net income of $2.2 million ($.16 diluted EPS) on revenue of $57.4 million for its first quarter ended March 31, 2006, compared to net income of $3.5 million ($.28 diluted EPS) on revenue of $54.2 million for the first quarter ended March 31, 2005.

The operations of Gulf Marine Fabricators, which was acquired on January 31, 2006, contributed $9.6 million of revenue, $9.8 million of cost-of-revenue, and $658,000 of general and administrative expenses, to the Consolidated Statements of Income for the three months ended March 31, 2006.

Included in the Consolidated Statements of Income for the three months ended March 31, 2006, under other income (expense), is the $983,000 gain resulting from the sale of the Company's interest in MinDOC, L.L.C., effective January 23, 2006.

The company had a revenue backlog of $230.0 million and a labor backlog of approximately 2.7 million man-hours remaining to work, which consist of work remaining at March 31, 2006 and commitments received since March 31, 2006.

                  SELECTED BALANCE SHEET INFORMATION
                            (in thousands)

                                               March 31,  December 31,
                                                 2006         2005
                                             ------------ ------------
Cash and short-term investments              $     5,451  $    35,901
Total current assets                              91,290      103,412
Property, plant and equipment, at cost, net      138,002       59,744
Total assets                                     233,614      163,806
Total current liabilities                         25,503       16,271
Debt                                              19,000            0
Shareholders' equity                             180,325      138,265
Total liabilities and shareholders' equity       233,614      163,806

Gulf Island Fabrication, Inc., based in Houma, Louisiana, is a leading fabricator of offshore drilling and production platforms, offshore living quarters and other specialized structures used in the development and production of offshore oil and gas reserves. The Company also offers offshore interconnect pipe hook-up; inshore marine construction; manufacture and repair of pressure vessels; steel warehousing and sales; onshore and offshore scaffolding and piping insulation services.

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