Strategic Acquisition
Gulf Island completed the acquisition of certain assets from ENglobal, which is expected to broaden product and services offerings. The acquisition will help expand the customer base into new markets, such as onshore oil and gas, data centers, and government.
Future Revenue Opportunities
Post-acquisition, Gulf Island received requests for quotations for projects due to combined capabilities, indicating potential for increased future revenue.
Structural Steel Project Award
Gulf Island received a limited notice to proceed on a contract worth approximately $20 million, with expectations for a full contract value of $35 million. The project is outside the oil and gas sector, showcasing diversification efforts.
Strong Liquidity Position
Gulf Island ended the quarter with a cash and short-term investments balance of approximately $62 million, providing flexibility for growth objectives.