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Gulf Island to sell Aransas Pass shipyard

Oct 2, 2018 09:24 AM

The $28 million deal will 'strengthen our balance sheet and liquidity,' the company's CEO says

The following is text of a news release from Gulf Island Fabrication:

(HOUSTON) — Gulf Island Fabrication Inc. has entered into an agreement for the sale of its North Yard facilities in Aransas Pass, Texas, and certain associated equipment (excluding all crawler cranes) for $28 million. Final consummation of the sale is anticipated to occur during the fourth quarter 2018 and is subject to customary closing conditions, including an inspection period by the purchaser.

“Our agreement to sell the North Yard is another significant step in our previously announced plan to rationalize underutilized assets and strengthen our balance sheet and liquidity," said Kirk J. Meche, president and CEO of Gulf Island. "The ultimate sale of the North Yard will give us increased flexibility as we continue to strategically reposition ourselves to more diversified markets and customers. We continue to market our remaining assets held for sale."

Gulf Island Fabrication, based in Houston, Texas, with facilities located in Louisiana and Texas, is a fabricator of complex steel structures and marine vessels used for oil and gas production and transportation, petrochemical and industrial facilities, power generation and alternative energy projects. Gulf Island also provides related installation, hookup, commissioning, repair and maintenance services with specialized crews and integrated project management capabilities.

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