Gulf Island Fab Sign Bechtel Offshore Cooperation Agreement

By George Backwell
Friday, July 25, 2014
Shipyard Scene: Image courtesy of Gulf Island Fabrication

Gulf Island Fabrication, Inc. says it has signed a cooperative agreement with Bechtel Oil, Gas, and Chemicals, Inc. to work together to pursue opportunities for offshore projects for the U.S. Gulf of Mexico and abroad.

“Gulf Island is excited about the cooperation agreement signed with Bechtel which couples our fabrication expertise and specialized capabilities with one of the most respected EPC companies in the world. Together we offer a new approach to deliver offshore projects which incorporates innovative solutions and flexibility to meet and exceed client expectations and requirements,” said Kirk Meche, President and CEO of Gulf Island Fabrication, Inc.

“With the expansion of the demand for energy around the world, oil companies continue to expand and develop larger and more complex offshore projects, and will need reliable contractors to deliver them. The agreement between Bechtel and Gulf Island Fabrication creates a team that can deliver them successfully,” said Joe Gebara, general manager of Bechtel’s Offshore business.

Other news from Gulf Island Fabrication
The company has reported net income of $4.3 million ($0.30 earnings per share) on revenue of $129.2 million for its second quarter ended June 30, 2014, compared to net income of $4.3 million ($0.30 earnings per share) on revenue of $154.6 million for the second quarter ended June 30, 2013. Net income of $7.8 million ($0.54 earnings per share) on revenue of $263.9 million for the six-months ended June 30, 2014, compared to net income of $7.1 million ($0.49 earnings per share) on revenue of $305.0 million for the six-months ended June 30, 2013.

The company had a revenue backlog of $223.8 million and a labor backlog of approximately 2.1 million man-hours at June 30, 2014, including commitments received through July 24, 2014, compared to a revenue backlog of $358.7 million and a labor backlog of 3.3 million man-hours reported as of December 31, 2013.

About the company
Gulf Island Fabrication, Inc., based in Houston, Texas, with fabrication facilities located in Houma, Louisiana, and San Patricio County, Texas, is a leading fabricator of offshore drilling and production platforms, hull and/or deck sections of floating production platforms and other specialized structures used in the development and production of offshore oil and gas reserves.

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