Gulf Island Fabrication is a Gulf Coast industrial contractor with two core businesses: steel fabrication and offshore services. The fabrication business operates out of a ~160-acre yard in Houma, Louisiana, with direct water access to the Gulf of America. Gulf Island fabricates steel structures, modules, skids, piping systems, and subsea components for oil & gas, LNG, petrochemical, and industrial customers. The fabrication business also pursues periodic large-scale awards — offshore platforms, jackets, topsides, and major LNG/petrochemical modules — though Gulf Island has deliberately reduced its dependence on these lumpy projects in favor of a more stable small-scale base. The Services segment provides maintenance, repair, scaffolding, coatings, and specialty services to offshore platform operators in the Gulf. Within Services, Spark Safety — which enables hot work on live platforms — is a higher-margin growth driver. Gulf Island also recently launched a Cleaning and Environmental Services business targeting the offshore decommissioning market. Fabrication margins are sensitive to yard utilization; fixed overhead is spread across more revenue when projects are active, and under-recovered when they are not. Services margins are driven by labor costs and project mix. Gulf Island uses fixed-price, unit-rate, T&M, and cost-reimbursable contract structures, and mitigates steel price risk through escalation clauses. Growth initiatives include expanding Spark Safety, scaling decommissioning services, and diversifying fabrication into infrastructure, government, nuclear, and data center markets. Gulf Island ended FY24 with $67M in cash and minimal debt, with M&A of services businesses as the stated capital allocation priority.