Gulf Island Fabrication, Inc. (NASDAQ:GIFI) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01

Completion of Acquisition or Disposition of Assets.

Gulf Island Fabrication, Inc. (the "Company") completed the sale of its South Yard in Ingleside, Texas, to a subsidiary of Buckeye Partners for $55 million on April 20, 2018.

The Company's South Yard is located in Ingleside, Texas, on the northwest corner of the intersection between the Corpus Christi Ship Channel and the U.S. Intercoastal Waterway. The yard consists of approximately 212 acres of land including 2,650 linear feet of water frontage and a graving dock. The yard had a net book value of $47 million on the date of sale.

The Company received approximately $53 million in net proceeds at closing plus $750,000 of earnest money received on January 3, 2018, which was applied at closing, for total net proceeds of approximately $54 million. The Company expects to record a gain on the sale of approximately $7 million during the second quarter of 2018. Operations at the South Yard were not material during 2017. The South Yard was one of the Company's Fabrication Division facilities. The Company does not expect the sale of these assets to impact its ability to operate its Fabrication Division as previously operated.

On April 23, 2018, the Company announced the completion of the sale of its South Yard in Ingleside, Texas. A copy of the press release is attached as Exhibit 99.1.

Item 9.01Financial Statements and Exhibits.

(c) Exhibits

GULF ISLAND FABRICATION INC Exhibit
EX-99.1 2 pressrelease-southyardsale.htm EXHIBIT 99.1 Exhibit NEWS RELEASE    EXHIBIT 99.1FOR IMMEDIATE RELEASEApril 23,…
To view the full exhibit click here

About Gulf Island Fabrication, Inc. (NASDAQ:GIFI)

Gulf Island Fabrication, Inc. (Gulf Island) is a holding company. The Company, along with its subsidiaries, is a fabricator of steel platforms and other specialized structures for customers in the offshore oil and gas industry. It also performs onshore and offshore construction and fabrication services for customers in the marine industry. Its primary activity is the fabrication of offshore drilling and production platforms and other steel structures for customers in the oil and gas and marine industries, including jackets and deck sections of fixed production platforms, hull, tendon, and/or deck sections of floating production platforms, piles, wellhead protectors. It conducts its operations through its subsidiaries, which include Gulf Island, L.L.C.; Gulf Marine Fabricators, L.P.; Gulf Island Marine Fabricators, L.L.C.; Gulf Island Shipyards, L.L.C.; Dolphin Services, L.L.C.; and Dolphin Steel Sales, L.L.C.