Houston-based Gulf Island Fabrication Inc. announced today that it has agreed to sell its North Yard facilities in Aransas Pass, Texas, and certain associated equipment (excluding all crawler cranes) for $28 million.
The sale is expected to close during the fourth quarter and is subject to customary closing conditions, including an inspection period by the purchaser.
“Our agreement to sell the North Yard is another significant step in our previously announced plan to rationalize underutilized assets and strengthen our balance sheet and liquidity," Kirk J. Meche, president and CEO of Gulf Island, said in a statement. "The ultimate sale of the North Yard will give us increased flexibility as we continue to strategically reposition ourselves to more diversified markets and customers. We continue to market our remaining assets held for sale."
Gulf Island, with facilities located in Louisiana and Texas, is a leading fabricator of complex steel structures and marine vessels used for oil and gas production and transportation, petrochemical and industrial facilities, power generation and alternative energy projects. Gulf Island also provides related installation, hookup, commissioning, repair and maintenance services with specialized crews and integrated project management capabilities.