GIFI News & Events

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 (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 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.