Gulf Island Fabrication said on Thursday it has completed the sale of its North Yard facilities and associated equipment in Aransas Pass, Texas.
The Houston based builder of offshore structures and vessels announced the $28 million sale in September as part of its plan to rationalize underutilized assets and strengthen its balance sheet and liquidity.
“The sale proceeds provide us with greater flexibility as we continue to strategically reposition ourselves to more diversified markets and customers,” said Kirk J. Meche, president and CEO of Gulf Island. “We continue to market our remaining assets held for sale.”
In April this year, Gulf Island sold its South Yard in Ingleside, Texas, to a subsidiary of Buckeye Partners for $55 million.