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GIFI News
GIFI Events
Gulf Island Fabrication Shareholders Approve Merger with IES Holdings
Gulf Island Fabrication announced that at its special meeting of shareholders held earlier, Gulf Island's shareholders approved the acquisition of Gulf Island by IES Holdings. Subject to the satisfaction or waiver of the remaining customary closing conditions set forth in the merger agreement, the parties intend to complete the merger on January 16. If the merger is completed, the company's common stock will no longer be publicly traded and will be delisted from Nasdaq.
IES Holdings to purchase Gulf Island Fabrication for $12.00 per share in cash
IES Holdings (IESC) and Gulf Island Fabrication (GIFI) entered into a definitive agreement, providing for the acquisition of Gulf Island, a leading steel fabricator and service provider to the industrial, energy and government sectors, by IES. Under the terms of the agreement, IES will pay $12.00 in cash per Gulf Island share, or an aggregate equity value of approximately $192M. The transaction has been approved by the boards of directors of both companies and is currently expected to close in the quarter ending March 31, 2026, subject to Gulf Island shareholder approval, regulatory approvals and other customary closing conditions. Certain holders of approximately 20% of Gulf Island's outstanding shares of common stock have entered into voting agreements to support the transaction, and IES, which owns approximately 3.5% of Gulf Island's outstanding shares of common stock, has also agreed to vote in favor of the transaction. In light of the proposed transaction with IES, Gulf Island will not hold an earnings conference call to discuss its financial results for the third quarter ended September 30, 2025.
Gulf Island Fabrication Secures $35 Million Contract for Francis Scott Key Bridge Project
Gulf Island Fabrication announced it has been awarded a fabrication contract to support the rebuilding of the Francis Scott Key Bridge in Baltimore, Maryland. Gulf Island will be fabricating structural components for the reconstruction of the iconic bridge, a vital transportation link on the East Coast. The contract is fixed-price with an estimated value in excess of $35M and will be included in the company's new awards and backlog during the third quarter 2025. Procurement of materials has already commenced and fabrication activities are anticipated to begin in the fourth quarter 2025.
Gulf Island Fabrication Receives $7 Million Task Order from Defense Logistics Agency
Gulf Island Fabrication announced that its Englobal government services business has been awarded a task order from the U.S. Defense Logistics Agency to upgrade and install an automated fuel handling system at the Fleet Logistics Center in Yokosuka, Japan. The task order is fixed-price with an estimated value in excess of $7M and will be included in the company's new awards and backlog in the third quarter 2025. Work under the task order is scheduled to begin in September with completion anticipated in the first quarter 2028. The task order is part of a broader "indefinite-delivery, indefinite-quantity" contract for automated fuel system installation, which enables the DLA to issue task orders for similar fuel system upgrades at various locations around the world as needed through September 2029.
Gulf Island Fabrication sees FY24 EBITDA at lower-end of prior guidance range
Gulf Island's prior full-year 2024 indicative guidance was adjusted consolidated EBITDA of $11.0 million to $13.0 million. Based on the continued project delays impacting the Services division, in addition to lost revenue resulting from hurricane activity during the quarter, partly offset by higher small-scale fabrication activity, the Company currently expects full-year 2024 adjusted consolidated EBITDA to be at the lower-end of the guidance range. This forward-looking guidance reflects management's current expectations and beliefs as of November 5 , and is subject to change. See "Cautionary Statement" below for further discussion of the factors that may affect the Company's future performance, "Non-GAAP Measures" below for the Company's definition of EBITDA and adjusted EBITDA, and "2024 Financial Outlook - Consolidated EBITDA and Adjusted EBITDA Reconciliations" below for reconciliations of consolidated EBITDA and adjusted EBITDA to the most comparable GAAP measures.
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