Gulf Island to Build Topside for Constitution Project

Gulf Island Fabrication has executed a Letter of Intent with Kerr-McGee Oil & Gas Corp. to fabricate the topside for the Constitution truss spar platform. The Constitution field is located in 5,000 feet of water on Green Canyon Blocks 679 and 680, in the deepwater Gulf of Mexico. Financial terms are undisclosed.

Kerr-McGee owns 100% interest in the field and is operator.

Fabrication will start in the second quarter of 2004 and the topsides will be delivered in 2005 to support first production in 2006. The company will use its existing facilities and labor in Houma to complete the project.