Gulf Island Reports Strong Third Quarter

Gulf Island Fabrication has reported strong third-quarter results with revenue of $51.5 million and adjusted EBITDA of $2.5 million, despite softer trends in its services business, a decline in small-scale fabrication activity and anticipated losses from the recently acquired Englobal business.

Richard Heo, Gulf Island’s Chief Executive Officer, said: “We have made meaningful progress toward our strategic goal of business diversification with our previous acquisition of Englobal and growing focus on markets outside of oil and gas, such as infrastructure and government services. We believe our contract supporting the rebuild of the Francis Scott Key Bridge directly demonstrates the success of this strategy and highlights our competitive advantages in various end markets. We are also encouraged by the progress of the ongoing integration of Englobal, including our recent award with the U.S. Defense Logistics Agency, which underscores the benefits of this acquisition.

“We have built a strong, more diversified business with a stable foundation in services and small-scale fabrication, complemented by attractive growth platforms in large fabrication and the Englobal business. I am proud of the