Gulf Island Fabrication is an American manufacturer of specialized structures and marine vessels used in the energy sector. it owns seven building yards in Louisiana and Texas and has Bechtel as a partner. The company builds offshore oil and gas platforms, ships and also foundations for offshore wind turbines. In addition to building some of the world's largest offshore platforms, it also provides maintenance and marine repair services in-shop and out in the field.3 It employed 944 people in 2019.1 Its revenue was $303 million in 2019.1 Its shares trade on NASDAQ under the symbol GIFI.1Wikipedia text CC BY-SA 4.0
Gulf Island Fabrication is an American manufacturer of specialized structures and marine vessels used in the energy sector. it owns seven building yards in Louisiana and Texas and has Bechtel as a partner.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Revenue8910117$159.2M in 2024−28% since 2018Gross profit8910117$22.3M in 2024Operating income8910117$12.3M in 2024Net income8910117$14.7M in 2024
Revenue1213$51.5M in Q3 FY2025+37% since Q2 FY2025Gross profit1213$4.9M in Q3 FY2025+37% since Q2 FY2025Operating income1213$1.1M in Q3 FY2025Net income1213$1.6M in Q3 FY2025−59% since Q2 FY2025
Total assets8910117$133.2M in 2024−48% since 2018Total liabilities158910117$40.1M in 2024−30% since 2018Shareholders’ equity8910117$93.1M in 2024−54% since 2018Cash158910117$27.3M in 2024−61% since 2018Long-term debt97$17.9M in 2024+297% since 2020
Total assets1213$146.7M in Q3 FY2025+9% since Q2 FY2025Total liabilities1213$52.4M in Q3 FY2025+26% since Q2 FY2025Shareholders’ equity1213$94.3M in Q3 FY2025−2% since Q2 FY2025Cash1213$23.2M in Q3 FY2025−50% since Q2 FY2025Long-term debt1213$17.9M in Q3 FY2025−0% since Q2 FY2025
Cash from operations8910117$18.2M in 2024Capital spending8910117$5.3M in 2024+54% since 2018Free cash flow8910117$12.9M in 2024Share buybacks7$1.2M in 2024+841% since 2023
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Gulf Island Fabrication sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Gulf Island Fabrication reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Based in Houston, Texas, Gulf Island Fabrication (GIF) was founded by Alden “Doc” Laborde, a World War II Navy commander who later worked the offshore oil and gas industry. In 1985, it took over a bankrupt rival named Delta Fabrication.
In 1997, when it went public, the firm offered 2,000,000 shares, totaling an offering of US$30 million. By diversifying its revenue streams to include shipbuilding, it expanded by acquiring the LeeVac Shipyards in 2016, generating approximately $112 million incremental contract backlog during the industry crisis.
On January 16, 2026, IES Holdings announced the completion of its acquisition of GIF.
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
231 filings to the SEC since October 2021: 5 annual reports, 13 quarterly reports, 42 major events, 115 insider forms, 21 large holders, 35 other. The latest 20:
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
Where the company's money came from, by calendar year: private offerings filed with the SEC,
federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA.
Each bar links to the records below.
How Gulf Island Fabrication is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Mar 5, 2025 (Section 12(b) of the Exchange Act).84
Risk factors and legal proceedings
The risks Gulf Island Fabrication names in Item 1A of its 10-K filed Mar 5, 2025: 32 risks under these headings, as written.84
Business and Industry Risks
Our revenue and profitability continues to be dependent on the offshore oil and gas industry, which is a historically cyclical industry.
We service industries that are highly competitive among service providers.
A small number of customers typically represent a significant portion of our revenue.
Competitive pricing common in the industries we serve could negatively impact our operating results.
Operational Risks
Our business depends on the award of new contracts and the timing and execution of such contracts.
The nature of our contracting terms for our contracts could adversely affect our operating results.
We could be exposed to potentially significant liability and costs due to limits on our insurance coverage and losses for which we do not have third-party insurance coverage.
Our project execution and operations may be negatively affected if our equipment is not operable or does not adequately function.
Our backlog is subject to change as a result of delay, suspension, termination or an increase or decrease in scope for projects currently in backlog.
We depend on third parties to provide services and supply raw materials, equipment and components necessary to perform our contractual obligations, and any increase in the price or constraints on the supply of such raw materials, equipment or components could negatively affect our profitability.
The other 22 risks
We may be unable to successfully defend against claims made against us by customers, subcontractors or other parties, or recover claims made by us against customers, subcontractors or other parties.
Systems and information technology interruption or failure and data security breaches could adversely impact our ability to operate or expose us to significant financial losses and reputational harm.
We may conduct a portion of our operations through joint ventures and strategic alliances over which we may have limited control, and our partners in such arrangements may not perform.
Major public health crises may have a negative impact on our operations.
Workforce Risks
We may be unable to employ a sufficient number of skilled personnel to execute our projects.
Our success is dependent on key personnel.
If we continue to have insufficient utilization levels for our facilities or resources, our results of operations and financial condition would be adversely affected.
Our employees and subcontractors work on projects that are inherently dangerous. If we fail to maintain safe work sites, we can be exposed to significant financial losses and reputational harm.
Strategic Risks
Our efforts to strategically reposition the Company to diversify our service offerings and customer base may not result in increased shareholder value.
Any future rationalization of under-utilized assets or facilities could result in future losses or impairments and may not produce our desired results.
We cannot guarantee that our share repurchase program or any other return of capital to our shareholders will enhance shareholder value, and share repurchases could affect the price of our common stock.
Financial Risks
We may need additional capital in the future for working capital, capital expenditures, contract commitments and obligations, and/or strategic opportunities, and we may not be able to obtain or raise such capital (whether debt or equity) or do so on favorable terms, which would impair our ability to operate our business or execute our strategy.
We may not be able to generate sufficient cash flow to meet our obligations.
We may not be able to obtain letters of credit or surety bonds if and when needed on favorable terms, if at all, and we may not have sufficient liquidity to satisfy any indemnification obligations owed to a surety should the surety have to make payments under the performance bonds to the beneficiary thereof.
We are exposed to the credit risks of our customers, including nonpayment and nonperformance by our customers.
Our method of accounting for revenue using the percentage-of-completion method could have a negative impact on our results of operations.
Disruptions at the regional bank in which we deposit our funds could have an adverse impact on our business and financial condition.
Legal, Regulatory and Environmental Risks
Any changes in U.S. trade policies and retaliatory responses from other countries may significantly increase the costs or limit supplies of materials and products used in our fabrication projects.
We are susceptible to adverse weather conditions in our market areas.
The nature of the industries that we serve subjects us to compliance with regulatory and environmental laws.
Actions of activist shareholders could create uncertainty about our future strategic direction, be costly and divert the attention of our management and board. In addition, some institutional investors may be discouraged from investing in the industries that we service.
Our business is highly dependent on our ability to utilize the navigation canals adjacent to our facilities.
Legal proceedings
See Note 7 of our Financial Statements in Item 8 for discussion of our legal proceedings, including the resolution of our MPSV Litigation on October 4, 2023, which is incorporated herein by reference.
