THE WOODLANDS, Texas, April 30, 2024 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. ("Gulf Island" or the "Company") (NASDAQ:GIFI), a leading steel fabricator and service provider to the industrial and energy sectors, today announced that it will report financial results for the first quarter 2024 after the market close on Tuesday, May 7, 2024. Gulf Island management will hold a conference call on Tuesday, May 7, 2024, at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss the Company's financial ...

Financial Data and Key Metrics Changes - The company reported a consolidated revenue of $44.6 million for Q4 2023, representing a 17% increase from the prior year period [79] - Adjusted EBITDA for Q4 2023 was $6.6 million, up from $2.3 million in the prior year period, reflecting improved performance in both Services and Fabrication segments [79][80] - The cash and investments balance at year-end was approximately $48 million, an increase of roughly $6 million from September 30 [48] Business Line Data and Key Metrics Changes - The Services division generated revenue of $24.5 million in Q4 2023, a 13% increase year-over-year, primarily driven by the Spark Safety business line [81] - The Fabrication division reported revenue of $19.7 million for Q4 2023, nearly a 20% increase compared to the prior year, attributed to strong growth in small-scale fabrication [82] - Services EBITDA for Q4 2023 was $3.2 million, up 25% compared to the prior year, with an EBITDA margin of 13.2%, an increase of 130 basis points [44] Market Data and Key Metrics Changes - The company remains optimistic about activity in key end markets in the Gulf Coast region, including LNG, petrochemicals, and green energy, with tight industry capacity [17] - Demand trends for the Services business are encouraging as the company enters 2024, driven by favorable spending from oil and gas customers, particularly in the Gulf of Mexico [18] Company Strategy and Development Direction - The company is focused on generating stable, profitable growth by pursuing new end markets and diversifying its Services business while strengthening project execution [23] - The strategy includes expanding the skilled workforce and continuing to pursue opportunities in traditional offshore markets [23] - The company aims to leverage its strong financial flexibility to explore acquisition opportunities to enhance its business base [51][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong foundation and recurring revenue from its base business, anticipating continued growth in 2024 [35] - The company acknowledged challenges in the capital market affecting large projects, with some projects experiencing delays due to permitting issues [30][50] - Management expects another strong year for the Services business in 2024, driven by the growth of the Spark Safety offering [26] Other Important Information - The company completed the sale of excess property at its Houma facility, generating net cash proceeds of approximately $8.5 million, which will bolster liquidity [49][58] - Capital expenditures for 2024 are anticipated to be between $4.5 million and $5.5 million, with a focus on facility upgrades and technologically advanced equipment [62] Q&A Session Summary Question: What is the bidding environment for large fabrication projects? - Management noted that there is still a good volume of projects in LNG and petrochemicals, but challenges in capital markets have caused some projects to be delayed [37][38] Question: Why does the Fabrication division expect growth in 2024? - The company sees robustness in Services customers in the Gulf of Mexico, leading to projected opportunities for Fabrication growth [43] Question: What was the impact of change orders in Q4? - Approximately $2.5 million to $3 million of the nearly $4 million benefit in Q4 was from change orders, with the rest attributed to project improvements [69] Question: What was sold in the recent property sale? - The company sold a piece of underutilized property, which allowed for asset monetization and consolidation of its footprint [73][87] Question: What are the expectations for capital expenditures in 2024? - Capital expenditures are expected to be higher than in 2023, with a focus on facility improvements and equipment upgrades [94]

THE WOODLANDS, Texas, March 07, 2024 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (NASDAQ:GIFI) ("Gulf Island" or the "Company"), a leading steel fabricator and service provider to the industrial and energy sectors, today announced results for the fourth quarter and full year 2023. FOURTH QUARTER 2023 SUMMARY Consolidated revenue of $44.6 millionConsolidated net income of $7.1 million; Adjusted EBITDA of $6.6 millionServices Division operating income of $2.7 million; EBITDA of $3.2 millionFabrication ...

Part I [Business and Properties](index=9&type=section&id=Items%201%20and%202.%20Business%20and%20Properties) Gulf Island Fabrication, Inc. is a fabricator of complex steel structures and a provider of specialty services primarily for the industrial and energy sectors [Description of Operations](index=9&type=section&id=Description%20of%20Operations) The company operates through three reportable segments: Services, Fabrication, and Shipyard, with the Shipyard division largely winding down its legacy obligations - The company's business is managed through three operating divisions: Services, Fabrication, and Shipyard, plus a Corporate division[22](index=22&type=chunk) - The Services Division provides a range of specialty services including maintenance, repair, construction, scaffolding, and staffing[23](index=23&type=chunk) - The Fabrication Division fabricates complex steel structures and modules for various sectors including refining, petrochemical, LNG, and alternative energy[24](index=24&type=chunk) - The Shipyard Division has largely ceased new operations after a 2021 asset sale, with remaining activities focused on completing legacy Ferry Projects. The wind-down was substantially complete in Q4 2023, with final warranty periods ending in Q1 2025[25](index=25&type=chunk) [Facilities and Equipment](index=10&type=section&id=Facilities%20and%20Equipment) The company's primary operating facilities are the Houma Facilities in Louisiana, situated on approximately 160 acres with significant water frontage and extensive buildings - The main operating base is the Houma Facilities in Louisiana, covering 160 acres with 3,305 linear feet of water frontage, and includes over 420,000 square feet of covered facilities[27](index=27&type=chunk) - In February 2024, the company sold a portion of its Houma Facilities that had been classified as an asset held for sale at year-end 2023[28](index=28&type=chunk) [Human Capital Management](index=12&type=section&id=Human%20Capital%20Management) As of December 31, 2023, the company had 839 full-time employees, supplemented by 94 independent contractors, and actively promotes diversity and workforce development Employee Statistics (as of Dec 31) | Year | Full-Time Employees | Independent Contractors | | :--- | :--- | :--- | | **2023** | 839 | 94 | | **2022** | 874 | 83 | - The company utilizes Texas and Louisiana state grants for workforce skills development, training 772 employees in 2023 through these programs[36](index=36&type=chunk) - The workforce is diverse, with approximately **54%** being women or minorities at the end of 2023, an increase from **51%** in 2022[39](index=39&type=chunk) [Customers](index=15&type=section&id=Customers) The company's customer base includes U.S. and international energy producers and industrial operators, with revenue concentrated among a few key customers - In 2023, **two customers** accounted for **53%** of consolidated revenue (excluding the negative revenue from the MPSV Litigation resolution)[50](index=50&type=chunk) - In 2022, **two customers** accounted for **48%** of consolidated revenue[50](index=50&type=chunk) [New Project Awards and Backlog](index=16&type=section&id=New%20Project%20Awards%20and%20Backlog) New project awards represent the value of new contract commitments, while backlog is the unrecognized revenue from these awards, both subject to significant variability and potential customer changes - Backlog represents the unrecognized revenue from new project awards and is consistent with the value of remaining performance obligations under Topic 606[54](index=54&type=chunk) - Projects in backlog are subject to potential changes by the customer, including delay, suspension, or termination, which could significantly impact expected revenue[55](index=55&type=chunk) [Risk Factors](index=20&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks, including its dependence on the cyclical oil and gas industry, intense competition, and reliance on a small number of customers - **Business/Industry Risks:** The company's revenue is highly dependent on the cyclical offshore oil and gas industry, faces intense competition, and derives a significant portion of revenue from a small number of customers[71](index=71&type=chunk)[74](index=74&type=chunk)[76](index=76&type=chunk) - **Operational Risks:** A substantial number of projects are fixed-price, exposing the company to cost overruns. The business depends on winning new contracts, and its backlog is subject to cancellation, as exemplified by a **major offshore jackets project cancellation** in July 2023[78](index=78&type=chunk)[80](index=80&type=chunk)[87](index=87&type=chunk) - **Financial Risks:** The company may need additional capital, faces credit risks from its customers, and its insurance coverage has limitations. It is now generally **self-insured** for property and equipment damage[102](index=102&type=chunk)[110](index=110&type=chunk)[86](index=86&type=chunk) - **Workforce Risks:** Profitability depends on attracting and retaining skilled labor, which is challenging in a competitive market. The loss of key personnel could also impact operations[115](index=115&type=chunk)[118](index=118&type=chunk) - **Legal/Regulatory Risks:** The business is subject to complex regulations, potential impacts from climate change policies, and actions of activist shareholders, with **over one-third** of stock held by institutional investors and funds with a history of activism[129](index=129&type=chunk)[130](index=130&type=chunk)[132](index=132&type=chunk) [Unresolved Staff Comments](index=37&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - **None**[136](index=136&type=chunk) [Cybersecurity](index=37&type=section&id=Item%201C.%20Cybersecurity) The company has an integrated cyber risk management program overseen by the Corporate Manager of Information Technology and the Board's Audit Committee - The company's cyber risk management is integrated into its overall risk oversight program, utilizing both internal and external personnel for assessment and response[137](index=137&type=chunk)[138](index=138&type=chunk) - The Board's Audit Committee is responsible for overseeing cyber and IT security risks, receiving annual reports on the company's enterprise risks, including cybersecurity[142](index=142&type=chunk) [Legal Proceedings](index=37&type=section&id=Item%203.%20Legal%20Proceedings) The company refers to Note 7 of its Financial Statements for a discussion of its legal proceedings, including details on the resolution of the significant MPSV Litigation - Details regarding legal proceedings, including the resolution of the MPSV Litigation, are incorporated by reference from Note 7 of the Financial Statements[143](index=143&type=chunk) [Mine Safety Disclosures](index=37&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - **Not applicable**[144](index=144&type=chunk) Part II [Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](index=38&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Shareholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the **Nasdaq Global Select Market** under the symbol "**GIFI**", and the Board authorized a **$5.0 million** share repurchase program in December 2023 - The company's common stock is traded on the **Nasdaq Global Select Market** under the symbol "**GIFI**"[146](index=146&type=chunk) Issuer Purchases of Equity Securities (Q4 2023) | Period | Total Shares Purchased | Average Price Paid per Share | Total Purchased as Part of Program | Approx. Dollar Value Remaining ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | Oct 2023 | — | $ — | — | — | | Nov 2023 | — | $ — | — | — | | Dec 2023 | **29,578** | $ 4.34 | **29,578** | $ 4,872 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, Gulf Island reported a net loss of **$24.4 million** on revenue of **$151.1 million**, driven by a **$32.5 million** charge from the MPSV Litigation resolution, while maintaining solid liquidity [Results of Operations – Comparison of 2023 and 2022](index=51&type=section&id=Results%20of%20Operations%20%E2%80%93%20Comparison%20of%202023%20and%202022) For 2023, consolidated revenue increased to **$151.1 million** from **$142.3 million** in 2022, but the company posted a gross loss of **$11.9 million** and a net loss of **$24.4 million**, primarily due to a **$32.5 million** charge in the Shipyard division Consolidated Results of Operations (in thousands) | Metric | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | Revenue | $ 151,067 | $ 142,320 | $ 8,747 | | Gross Profit (Loss) | $ (11,901) | $ 7,895 | $ (19,796) | | Operating Loss | $ (25,883) | $ (3,415) | $ (22,468) | | Net Loss | $ (24,402) | $ (3,352) | $ (21,050) | - The 2023 gross loss was primarily driven by a **$32.5 million** charge from the MPSV Litigation resolution and **$2.7 million** in charges on Ferry Projects in the Shipyard Division[195](index=195&type=chunk)[198](index=198&type=chunk) - General and administrative expenses decreased by **10.6%** to **$16.3 million** in 2023, mainly due to lower legal fees associated with the now-resolved MPSV Litigation[196](index=196&type=chunk) [New Project Awards and Backlog](index=44&type=section&id=New%20Project%20Awards%20and%20Backlog) New project awards decreased to **$157.7 million** in 2023 from **$240.2 million** in 2022, and backlog fell sharply to **$13.0 million** due to a major contract cancellation New Project Awards by Segment (in thousands) | Segment | 2023 | 2022 | | :--- | :--- | :--- | | Services | $ 92,728 | $ 85,846 | | Fabrication | $ 66,629 | $ 154,239 | | Shipyard | $ (528) | $ 834 | | **Total** | **$ 157,719** | **$ 240,247** | Backlog by Segment (in thousands) | Segment | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Services | $ 502 | $ 1,322 | | Fabrication | $ 11,739 | $ 110,287 | | Shipyard | $ 709 | $ 3,272 | | **Total** | **$ 12,950** | **$ 114,881** | - A large offshore jackets contract awarded in 2022 was cancelled by the customer in July 2023, reducing performance obligations by **$76.1 million** during 2023[174](index=174&type=chunk) [Liquidity and Capital Resources](index=57&type=section&id=Liquidity%20and%20Capital%20Resources) As of December 31, 2023, the company had total cash, cash equivalents, short-term investments, and restricted cash of **$47.9 million**, with positive cash from operations of **$7.2 million** Available Liquidity (in thousands) | Component | Dec 31, 2023 | | :--- | :--- | | Cash and cash equivalents | $ 38,176 | | Short-term investments | $ 8,233 | | **Available cash, cash equivalents and short-term investments** | **$ 46,409** | | Restricted cash | $ 1,475 | | **Total** | **$ 47,884** | Cash Flow Summary (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $ 7,197 | $ (8,923) | | Net cash used in investing activities | $ (503) | $ (8,870) | | Net cash used in financing activities | $ (1,867) | $ (1,972) | - The company anticipates capital expenditures of **$4.5 million** to **$5.5 million** for 2024, primarily for upgrades to its Houma Facilities and new equipment[228](index=228&type=chunk) [Critical Accounting Policies](index=45&type=section&id=Critical%20Accounting%20Policies) The company's most significant accounting policies involve considerable judgment and estimates, particularly revenue recognition for long-term contracts, impairment assessments, and deferred tax assets - Revenue for long-term contracts is recognized over time using the percentage-of-completion (POC) method, based on costs incurred to date versus total estimated costs. This requires significant estimates for costs to complete, which can materially affect results[178](index=178&type=chunk) - Goodwill is tested for impairment annually. The Services Division is the only reporting unit with goodwill, and a qualitative assessment in 2023 indicated **no impairment**[182](index=182&type=chunk) - A **full valuation allowance** is maintained against deferred tax assets (DTAs) because, based on available evidence including cumulative losses, it is more likely than not that the DTAs will not be realized[185](index=185&type=chunk)[360](index=360&type=chunk) - The company is now generally **self-insured** for property and equipment damage due to high premium costs and coverage limitations, exposing it to future losses[188](index=188&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=61&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This item is not applicable to the company - **Not applicable**[231](index=231&type=chunk) [Financial Statements and Supplementary Data](index=61&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The company's Consolidated Financial Statements and accompanying notes are included in the report, starting on page F-1 - The Financial Statements and related notes are incorporated by reference and appear on pages F-1 through F-26[232](index=232&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=61&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - **None**[233](index=233&type=chunk) [Controls and Procedures](index=61&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures and internal control over financial reporting were **effective** as of December 31, 2023 - Management concluded that disclosure controls and procedures were **effective** as of December 31, 2023[234](index=234&type=chunk) - Management concluded that internal control over financial reporting was **effective** as of December 31, 2023[235](index=235&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=62&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information required for this item, including details on directors, executive officers, and corporate governance practices, is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders - Information is incorporated by reference from the 2024 annual meeting proxy statement[241](index=241&type=chunk) [Executive Compensation](index=62&type=section&id=Item%2011.%20Executive%20Compensation) Information required for this item regarding executive compensation is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders - Information is incorporated by reference from the 2024 annual meeting proxy statement[242](index=242&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=62&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Shareholder%20Matters) Information required for this item concerning security ownership is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders - Information is incorporated by reference from the 2024 annual meeting proxy statement[243](index=243&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=62&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information required for this item regarding related party transactions and director independence is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders - Information is incorporated by reference from the 2024 annual meeting proxy statement[244](index=244&type=chunk) [Principal Accounting Fees and Services](index=62&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information required for this item concerning principal accounting fees and services is incorporated by reference from the company's definitive proxy statement for its 2024 annual meeting of shareholders - Information is incorporated by reference from the 2024 annual meeting proxy statement[245](index=245&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=63&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section indicates that the required financial statement schedules and exhibits are filed as part of the Form 10-K report, with a detailed list available in the Exhibit Index - Required financial statement schedules and exhibits are filed as part of the report, detailed in the Exhibit Index on page E-1[248](index=248&type=chunk) Financial Statements [Report of Independent Registered Public Accounting Firm](index=64&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Ernst & Young LLP issued an **unqualified opinion** on the consolidated financial statements, identifying "Revenue recognition for long-term contracts" as a **critical audit matter** due to complex management judgments - The auditor, Ernst & Young LLP, issued an **unqualified opinion** on the consolidated financial statements[254](index=254&type=chunk) - The **critical audit matter** identified was "Revenue recognition for long-term contracts" due to the significant management judgment involved in estimating costs to complete and variable consideration[259](index=259&type=chunk)[260](index=260&type=chunk) [Consolidated Financial Statements](index=67&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show a decrease in total assets from **$134.9 million** in 2022 to **$128.4 million** in 2023, an increase in total liabilities to **$49.5 million**, and a net loss of **$24.4 million** for 2023 Consolidated Balance Sheet Highlights (in thousands) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Current Assets | $ 101,627 | $ 87,069 | | Total Assets | $ 128,428 | $ 134,866 | | Total Current Liabilities | $ 29,847 | $ 30,789 | | Total Liabilities | $ 49,457 | $ 32,242 | | Total Shareholders' Equity | $ 78,971 | $ 102,624 | Consolidated Statement of Operations Highlights (in thousands) | Account | 2023 | 2022 | | :--- | :--- | :--- | | Revenue | $ 151,067 | $ 142,320 | | Gross Profit (Loss) | $ (11,901) | $ 7,895 | | Operating Loss | $ (25,883) | $ (3,415) | | Net Loss | $ (24,402) | $ (3,352) | | Basic and Diluted Loss Per Share | $ (1.51) | $ (0.21) | [Notes to Consolidated Financial Statements](index=71&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed disclosure on the company's accounting policies, segment performance, and key events, including the **$32.5 million** charge for the MPSV litigation and the new **$20.0 million** promissory note with Zurich - **MPSV Litigation Resolution:** The company resolved its MPSV litigation, resulting in a **$32.5 million** charge (a **$12.5M** non-cash write-off and a **$20.0M** liability). As part of the settlement, the company entered into a **$20.0 million** promissory note with Zurich, payable over **15 years**[374](index=374&type=chunk)[375](index=375&type=chunk)[352](index=352&type=chunk) - **Ferry Project Losses:** The Shipyard division recorded an additional **$2.7 million** in negative margin changes on its legacy Ferry Projects in 2023 due to increased material/subcontractor costs, schedule delays, and warranty costs[329](index=329&type=chunk)[330](index=330&type=chunk) - **Asset Sale:** In February 2024, the company sold a portion of its Houma Facilities (classified as held for sale) for **$8.5 million** net of costs. The carrying value was **$5.6 million**[340](index=340&type=chunk)[393](index=393&type=chunk) - **Share Repurchase Program:** A **$5.0 million** share repurchase program was approved in December 2023. The company repurchased **29,578 shares** for **$0.1 million** before year-end[383](index=383&type=chunk)

Exhibit 99.1 GULF ISLAND REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS THE WOODLANDS, TX - Gulf Island Fabrication, Inc. (NASDAQ: GIFI) ("Gulf Island" or the "Company"), a leading steel fabricator and service provider to the industrial and energy sectors, today announced results for the fourth quarter and full year 2023. FOURTH QUARTER 2023 SUMMARY Consolidated revenue for the fourth quarter 2023 was $44.6 million, compared to consolidated revenue of $38.1 million for the prior year period. Consolidated ...

THE WOODLANDS, Texas, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. ("Gulf Island" or the "Company") (NASDAQ:GIFI), a leading steel fabricator and service provider to the industrial and energy sectors, today announced that it will report financial results for the fourth quarter and full year 2023 after the market close on Thursday, March 7, 2024. Gulf Island management will hold a conference call on Thursday, March 7, 2024, at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) to discuss the ...

THE WOODLANDS, Texas, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (NASDAQ:GIFI) (the "Company"), a leading steel fabricator and service provider to the industrial and energy sectors, announced today that it has completed the sale of certain excess property that was part of the Company's facilities located in Houma, Louisiana for net cash proceeds of approximately $8.5 million. "A key aspect of our strategic transformation has been to improve our resource and facility utilization and the ...

Financial Data and Key Metrics Changes - Consolidated revenue for Q3 2023 was $5 million, reflecting charges related to the MPSV litigation resolution. Adjusted revenue for the quarter was $37.7 million, comparable to the same period last year [26] - Consolidated net loss for Q3 was $33.2 million, while consolidated adjusted EBITDA was $2.6 million [42] - Services EBITDA for Q3 was $3.1 million, up approximately 11% from $2.8 million in the prior year, with an EBITDA margin of 13.4%, up 110 basis points year-over-year [43] Business Line Data and Key Metrics Changes - Services division revenue for Q3 2023 was $23 million, a 2% increase year-over-year, driven by the Spark Safety business line [27] - Fabrication division revenue for Q3 was $15 million, a decrease of $500,000 compared to the prior year, primarily due to a canceled large fabrication project [28] - The Shipyard division reported negative revenue of $32.7 million due to revenue reversals from the MPSV litigation resolution [29] Market Data and Key Metrics Changes - The company is encouraged by activity in key end markets in the Gulf Coast region, including LNG, petrochemicals, and green energy [9] - The demand trends for the services business remain attractive, driven by favorable spending from key oil and gas customers [15] Company Strategy and Development Direction - The company is focused on securing larger contracts to increase facility utilization and drive profitable growth [9] - The resolution of the MPSV litigation allows the company to fully pursue strategic initiatives, including mergers and acquisitions [8] - The company aims to transition into a pure-play services and fabrication business focused on sustainable and profitable growth [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about finishing the year strongly and anticipates that 2024 will be an even stronger year for the company [39] - The company expects a strong fourth quarter for its services business, with EBITDA projected to grow sequentially over Q3 [16] Other Important Information - The company ended Q3 with a cash and investment balance of approximately $42 million, up roughly $2 million from June 30 [30] - The company has ongoing discussions regarding the responsibility for the cost of propeller blades related to a customer project [24] Q&A Session Summary Question: Status of receivable from the party with the large fabrication contract - The company collected $6 million this quarter, with a remaining balance of around $5 million expected to be collected in Q4 [50] Question: Resolution of hull issue for the second ferry project - The hull issue has been resolved, and change orders have been acknowledged by the customer [51] Question: Capital expenditure plans for Q4 - The company expects capital expenditures to be around $2 million to $3 million [56]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34279 GULF ISLAND FABRICATION, INC. (Exact name of registrant as specified in its charter) LOUISIANA 72-1147390 (State or other jurisdi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-34279 GULF ISLAND FABRICATION, INC. (Exact name of registrant as specified in its charter) LOUISIANA 72-1147390 (State or other jurisdiction ...