Gulf Island Fabrication, Inc. Announces Additional Project Awards

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July 28, 2006

Gulf Island Fabrication, Inc. (NASDAQ: GIFI), announces that its wholly owned subsidiary G.M. Fabricators, L.P. d/b/a Gulf Marine Fabricators, has received a letter of intent from Daewoo Shipbuilding & Marine Engineering Co., Ltd. (“DSME”), to fabricate and load-out the Tower Top Section (“TTS”) and the Tower Bottom Section (“TBS”) for the Cabinda Gulf Oil Company Ltd. Tombua Landana DDP Compliant Tower Project. Financial terms of this specific contract will not be disclosed.

The majority of the fabrication, assembly and load-out will be performed at the Gulf Marine Fabricators facility located in South Texas. Some components of the project will be fabricated at the Gulf Island, L.L.C facility located in Houma, Louisiana.

Gulf Island, L.L.C. is also a wholly owned subsidiary of Gulf Island Fabrication, Inc. Gulf Marine expects to begin fabrication during the first quarter of 2007 and expects to deliver the project in the third quarter of 2008.

This project, included with several other projects awarded since the Company released backlog information on July 26, 2006, increases the Company’s backlog to $344.0 million and 3.3 million man-hours remaining to work.

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