Gulf Island Reports Second Quarter Earnings

Gulf Island Fabrication, Inc. reported net income of $6.0 million ($.43 diluted EPS) on revenue of $90.0 million for its second quarter ended June 30, 2006, compared to net income of $4.6 million ($.37 diluted EPS) on revenue of $55.4 million for the second quarter ended June 30, 2005.

Net income for the first six months of 2006 was $8.1 million ($.59 diluted EPS) on revenue of $147.3 million, compared to net income of $8.1 million ($.65 diluted EPS) on revenue of $109.6 million for the first six months of 2005. Included in the Consolidated Statements of Income for the six months ended June 30, 2006, under the 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 $171.8 million and a labor backlog of approximately 2.1 million man-hours remaining to work, which consist of work remaining at June 30, 2006 and commitments received since June 30, 2006.

Gulf Island Fabrication, Inc., based in Houma, La., 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.

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