UNIFAB Announces New President

UNIFAB International, Inc. announced the retirement of Dailey J. Berard after more than 20 years of dedication and tireless industry on behalf of the Company. The Company further announced that J. E. "Joe" Chojnacki has accepted the position of President, Chief Executive Officer and Chairman of the Board of Directors of Unifab. Mr. Chojnacki will replace Mr. Berard in that position on October 1, 2001. Mr. Berard, who will continue to serve on the Board of Directors of the Company, stated, "I welcome Joe's energy, management expertise and extensive experience in turn-around situations. I think he's just the man for the challenging year that lays ahead. As the founder of Unifab, I am proud of my legacy of having created a first class company with the finest employees, customers and vendors in the industry."

Mr. Chojnacki, who currently owns and operates Chojnacki & Associates, Inc., a management consulting firm in Houston, Texas, said, "I am pleased to accept the challenge of leading Unifab, and I want to assure our employees, customers and shareholders that I will work diligently to increase revenues and shareholder value by returning Unifab to profitability and satisfying all of our outstanding credit obligations. At the same time, I am 100% committed to the culture of quality workmanship, customer service and employee safety that Dailey Berard has established at Unifab."

UNIFAB International, Inc. is an industry leader in the custom fabrication of topside facilities, decks, jackets, equipment modules and other structures used in the development and production of oil and gas reserves. In addition, the Company designs and manufactures specialized process systems, refurbishes and retrofits existing jackets and decks, provides design, repair, refurbishment and conversion services for oil and gas drilling rigs and performs offshore piping hook-up and platform maintenance services.