THE WOODLANDS, Texas - Gulf Island Fabrication, Inc. (NASDAQ:GIFI), a steel fabricator servicing the industrial and energy sectors, announced the completion of a property sale in Houma, Louisiana. The transaction, involving excess property at the company's facilities, resulted in net cash proceeds of approximately $8.5 million.
The sale is part of Gulf Island's strategy to enhance resource and facility utilization. President and CEO Richard Heo stated that this move aligns with the company's objectives and does not affect current fabrication operations or the ability to seek future growth, including potential large projects. Heo emphasized the benefits to shareholders, highlighting the transaction's contribution to financial flexibility for strategic growth initiatives.
Gulf Island, headquartered in The Woodlands, Texas, specializes in fabricating complex steel structures and modules and offers a range of services to its clientele, which includes U.S. and international energy producers, refining, petrochemical, LNG, industrial, power operators, and EPC companies.
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