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Gulf Island Awarded Government Services Contract

1. GIFI awarded a $7M task order from the U.S. DLA. 2. The project involves fuel system upgrades in Japan, starting September 2025. 3. Funding to be reflected in Q3 2025 backlog, project completion by 2028. 4. Positive client feedback accelerates contracts post-Englobal acquisition. 5. Growth opportunities anticipated in government and industrial sectors.

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$7.0809/24 01:05 AM EDTLatest Updated
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FAQ

Why Bullish?

The $7M contract positively affects GIFI’s revenue and backlog. Historically, government contracts have resulted in stock price appreciation.

How important is it?

The contract award signifies confidence in GIFI’s capabilities post-acquisition, likely leading to further opportunities.

Why Long Term?

The extended project timeline (completion by 2028) ensures sustained revenue influence. Similar long-term government contracts have boosted revenue stability in the past.

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ENBLLMTRTN
September 23, 2025 16:05 ET  | Source: Gulf Island Fabrication, Inc. THE WOODLANDS, Texas, Sept. 23, 2025 (GLOBE NEWSWIRE) -- Gulf Island Fabrication, Inc. (NASDAQ: GIFI) (“Gulf Island” or the “Company”), a leading steel fabricator and service provider to the industrial, energy and government sectors, today announced that its Englobal government services business has been awarded a task order from the U.S. Defense Logistics Agency (the “DLA”) to upgrade and install an automated fuel handling system at the Fleet Logistics Center in Yokosuka (Yokose), Japan. The task order is fixed-price with an estimated value in excess of $7.0 million and will be included in the Company’s new awards and backlog in the third quarter 2025. Work under the task order is scheduled to begin in September 2025 with completion anticipated in the first quarter 2028. The task order is part of a broader “indefinite-delivery, indefinite-quantity” contract for automated fuel system installation, which enables the DLA to issue task orders for similar fuel system upgrades at various locations around the world as needed through September 2029. “We are extremely proud to be supporting the U.S. Military through this contract, which highlights Englobal’s proven history of delivering critical services to the U.S. government,” said Richard Heo, President and CEO of Gulf Island. “We remain encouraged by the positive feedback from customers and potential strategic partners since we completed the Englobal acquisition in the second quarter 2025, and this award affirms our confidence that customers will resume awarding contracts to Englobal following the transaction. We continue to see meaningful opportunities to grow our customer base, diversify into new markets, and enhance the value of our current offerings through the Englobal acquisition.” ABOUT GULF ISLAND Gulf Island is a leading fabricator of complex steel structures, modules and automation systems, and a provider of specialty services, including engineering, project management, commissioning, repair, maintenance, scaffolding, coatings, welding enclosures, cleaning and environmental, and technical field services to the industrial, energy and government sectors. The Company’s customers include U.S. and, to a lesser extent, international energy producers; refining, petrochemical, LNG, industrial and power operators; EPC companies; and federal, state and local governments. The Company is headquartered in The Woodlands, Texas and its primary operating facilities are located in Houma, Louisiana and Houston, Texas. For more information please visit www.gulfisland.com. CAUTIONARY STATEMENT This release contains forward-looking statements. Forward-looking statements are all statements other than statements of historical facts. The Company cautions readers that forward-looking statements are not guarantees of future performance and actual results may differ materially from those anticipated, projected or assumed in the forward-looking statements. Important factors that can cause its actual results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, the factors described under “Risk Factors” in Part I, Item 1A of the Company’s annual report on Form 10-K for the year ended December 31, 2024, as updated by subsequent filings with the SEC. Additional factors or risks that the Company currently deems immaterial, that are not presently known to the Company or that arise in the future could also cause the Company’s actual results to differ materially from its expected results. Given these uncertainties, investors are cautioned that many of the assumptions upon which the Company’s forward-looking statements are based are likely to change after the date the forward-looking statements are made, which it cannot control. Further, the Company may make changes to its business plans that could affect its results. The Company cautions investors that it undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as of the date made, for any reason. COMPANY INFORMATION Richard W. HeoWestley S. StocktonChief Executive OfficerChief Financial Officer713.714.6100713.714.6100

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