- Gulf Island Fabrication has sold the majority of its shipyard division.
- The company is booking the transaction at a loss, but is getting rid of the unprofitable backlog.
- Gulf Island will have about $60 million in cash after settling working capital requirements.
- The remaining Fabrication division has higher margins and active bids for major project work.
- Gulf Island still has problems to solve, but management is making the right moves and showing they are serious about turning the company around.
For further details see:
Gulf Island Fabrication: The Turnaround Continues