<PAGE>
NEWS RELEASE EXHIBIT 99.1
For further information contact:
Kerry J. Chauvin Joseph "Duke" Gallagher
Chief Executive Officer Chief Financial Officer
(504) 872-2100 (504) 872-2100
--------------------------------------------------------------------------------
FOR IMMEDIATE RELEASE
TUESDAY, NOVEMBER 14, 2000
GULF ISLAND FABRICATION, INC.
REPORTS RELOCATION OF SOUTHPORT, INC. OPERATIONS
Houma, LA - Gulf Island Fabrication, Inc. (NASDAQ: GIFI) announced today
that it intends to move its Southport, Inc. operations from Harvey, Louisiana,
to an idle facility that it owns adjacent to its Gulf Island, L.L.C. main
fabrication yard in Houma, Louisiana. The relocation is expected to be
completed during the first quarter of 2001.
Gulf Island anticipates that this relocation should result in cost savings
and enhanced operational efficiencies because, after its completion, all three
of the Gulf Island Fabrication facilities will be located in close proximity of
each other in Houma, Louisiana.
Gulf Island Fabrication, Inc., based in Houma, Louisiana, is a leading
fabricator of offshore drilling and production platforms, offshore living
quarters and other specialized structures used in the development and production
of offshore oil and gas reserves. The Company also offers offshore interconnect
pipe hook-up, inshore marine construction, manufacture and repair of pressure
vessels, steel warehousing and sales.
This news release contains forward-looking information that reflects the
Company's current views with respect to future events and financial performance.
No assurances can be given that these events will occur or that such projections
will be achieved and actual results could differ materially from those
projected. A discussion of important factors that could cause actual results to
differ materially from those projected is included in the Company's periodic
reports filed with the Securities and Exchange Commission.
