Gulf Island Fabrication Secures Multi-Million Subsea Fabrication Projects in the Gulf of Mexico
Posted 29/11/2023 16:24
Houston-based Gulf Island Fabrication, a steel fabricator and service provider to the industrial and energy sectors, has successfully secured multiple subsea fabrication awards from an undisclosed integrated subsea engineering, procurement, construction, and installation (EPCI) company. The awarded projects encompass various developments in the Gulf of Mexico, involving the procurement, fabrication, coating, and testing of subsea structures.
The subsea fabrication projects will include the production of pipeline end terminations (PLETs), jumper kits, jumpers, and sleepers. All fabrication activities will be carried out at Gulf Island's Houma fabrication facility. The aggregate contract value for these projects is estimated to be approximately $5 million.
Richard Heo, President and CEO of Gulf Island, expressed excitement about the momentum building in the subsea fabrication market, emphasizing that the recent awards validate the company's strategic decision to focus on this sector. He anticipates continued strength in subsea fabrication activity through 2024, particularly associated with upcoming subsea developments in the Gulf of Mexico, Guyana, and Brazil.
Gulf Island Fabrication is well-positioned to capitalize on these trends and is eager to expand its relationship with the undisclosed customer. The company's commitment to the subsea fabrication market aligns with its goal of pursuing new growth opportunities and diversifying its services business.
These recent contract wins follow Gulf Island Shipyards' resolution of a lawsuit with Hornbeck Offshore Services related to the construction of two multi-purpose supply vessels (MPSVs). Gulf Island Fabrication's strategic initiatives, including the acquisition of the business assets and operations of DSS from Dynamic Industries in December 2021, reinforce its position in the market and enhance its capabilities for future growth and collaboration.