Gulf Island Fabrication, a steel fabricator and service provider to the industrial and energy sectors, announced on Tuesday it has completed the sale of excess property that was part of the company’s facilities located in Houma, La.
Gulf Island said the sale to an undisclosed buyer generated net cash proceeds of approximately $8.5 million.
“A key aspect of our strategic transformation has been to improve our resource and facility utilization and the sale of this property at our Houma facility is consistent with this objective,” said Richard Heo, Gulf Island’s president and CEO. “The sale of this underutilized property has no impact on our existing fabrication operations and in no way limits our ability to pursue future growth opportunities, including a large fabrication project. We think this is an attractive transaction for shareholders, as it monetizes an unnecessary asset and provides us additional financial flexibility as we continue to pursue our strategic growth initiatives.”
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