Houma fabricator posts sharp 3Q jump

Gulf Island Fabrication Inc., which builds offshore structures for the petroleum industry, saw its third-quarter earnings rise more than fourfold and easily exceed Wall Street forecasts, the company reported last week.

The report drove Gulf Island stock to a 52-week high.

For the three months ending Sept. 30, Gulf Island earned $15 million, or 75 cents per share, on revenue of $90.5 million. In the year-ago second quarter, Gulf Island earned $2.2 million, or 18 cents per share, on revenue of $37.5 million.

Analysts surveyed by Thomson Financial had forecast per-share earnings of 41 cents for the latest quarter.

Gulf Island said it has a revenue backlog of $417.3 million in pending projects.

According to its Web site, Gulf Island Fabrication, Inc., is a worldwide leader in the fabrication of drilling and production platforms, as well as other specialized structures used in the oil and gas industry.

The company has four integrated subsidiary companies, including Gulf Island. It provides companies with a full range of design, construction and maintenance services from its fabrications yards in Houma and Ingleside, Texas.

In addition to building offshore and inshore platforms, the Web site said the company fabricates living quarters, electrical buildings, process vessels, skids and small modules, as well as painting and sandblasting of existing structures, offshore hookups and vessel repair.

Because of the company’s diverse capabilities, Gulf Island officials tout greater efficiency and lower project costs. The company got its start in 1985.