GIFI - Gulf Island Announces Sale of Excess Property | Benzinga
THE WOODLANDS, Texas, Feb. 27, 2024 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (NASDAQ:GIFI) (the "Company"), a leading steel fabricator and service provider to the industrial and energy sectors, announced today that it has completed the sale of certain excess property that was part of the Company's facilities located in Houma, Louisiana for net cash proceeds of approximately $8.5 million.
"A key aspect of our strategic transformation has been to improve our resource and facility utilization and the sale of this property at our Houma facility is consistent with this objective," said Richard Heo, Gulf Island's President and Chief Executive Officer. "The sale of this under-utilized property has no impact on our existing Fabrication operations and in no way limits our ability to pursue future growth opportunities, including a large fabrication project. We think this is an attractive transaction for shareholders, as it monetizes an unnecessary asset and provides us additional financial flexibility as we continue to pursue our strategic growth initiatives."
ABOUT GULF ISLAND
Gulf Island is a leading fabricator of complex steel structures and modules and provider of specialty services, including project management, hookup, commissioning, repair, maintenance, scaffolding, ...