Gulf Island Fabrication, Inc. (Gulf Island) (NASDAQ: GIFI) announced Wednesday that it received an award for the construction of two (2) additional towing, salvage and rescue ships (T-ATS) for the U.S. Navy (Navy).
This represents the Navy’s execution of its second and third options for Gulf Island’s construction of three T-ATS vessels that will be built in the Company’s shipyard in Houma, Louisiana. The Navy has remaining options for five (5) additional vessels.
"We are extremely excited that the Navy has exercised these options for two additional vessels, which once again exemplifies the confidence and trust our customers have in Gulf Island and our ability to deliver a quality product. We look forward to working with the Navy on these very important projects and in the future on the remaining optionable T-ATS vessels if exercised,” said Kirk Meche, Gulf Island's President and Chief Executive Officer. “These projects support our efforts to diversify our backlog beyond offshore oil and gas and will contribute significantly to the utilization of our shipyard facilities.”
Source: Gulf Island