Gulf Island Fabrication to Build Gunnison Topsides

Gulf Island Fabrication, Inc. has executed an agreement with Kerr-McGee Oil & Gas Corp. to fabricate the topsides for the Gunnison Spar Platform for Garden Banks Block 668. The financial terms were not disclosed.

Kerr-McGee owns 50% interest in the field and is operator. Nexen Petroleum and Cal Dive International, Inc. are also partners in the Gunnison project with ownership of 30% and 20% respectively.

Fabrication will start in the fourth quarter of 2001 and the topsides will be delivered in 2003 to support first production in 2004. The water depth for the project is 3,150 feet. The company will use its existing facilities and labor in Houma, La., to complete the project.