Gulf Island Fabrication, Inc. (GIFI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la infraestructura energética costa afuera, Gulf Island Fabrication, Inc. (GIFI) surge como una potencia de innovación y precisión, transformando desafíos industriales complejos en soluciones de ingeniería perfecta. Con un modelo de negocio robusto que abarca la construcción marina, la fabricación de plataformas y la fabricación especializada, GIFI está a la vanguardia de la entrega de infraestructura de alto rendimiento para los sectores de energía y marina más exigentes. Su enfoque estratégico combina capacidades tecnológicas de vanguardia con una comprensión profunda de los requisitos de la industria, posicionándolos como un socio crítico en el desarrollo de proyectos sofisticados en alta mar e industriales.

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negocios: asociaciones clave

Empresas de exploración de petróleo y gas

A partir de 2024, GIFI mantiene asociaciones estratégicas con las siguientes compañías clave de exploración de petróleo y gas:

Compañía	Valor de contrato	Duración de la asociación
Shell Offshore Inc.	$ 42.5 millones	2023-2025
Corporación Chevron	$ 35.7 millones	2024-2026

Contratistas de perforación en alta mar

GIFI colabora con los principales contratistas de perforación en alta mar:

• Transocean Ltd.
• Diamond Offshore Drilling, Inc.
• Corporación noble

Fabricantes de equipos marinos

Fabricante	Tipo de equipo	Valor de adquisición anual
Cameron International	Equipo submarino	$ 18.2 millones
Soluciones de Aker	Estructuras en alta mar	$ 22.6 millones

Firmas de ingeniería y diseño

Las asociaciones de ingeniería clave incluyen:

• Fluor Corporation
• KBR, Inc.
• Jacobs Engineering Group

Proveedores de acero y materias primas

Proveedor	Tipo de material	Volumen de suministro anual
ArcelorMittal	Acero estructural	45,000 toneladas métricas
Acero sueco ssab	Acero de alta resistencia	22,500 toneladas métricas

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negocio: actividades clave

Plataforma en alta mar y fabricación de embarcaciones marinas

La fabricación de Gulf Island se especializa en una construcción compleja de plataformas en alta mar con una capacidad de fabricación anual de aproximadamente 120,000 toneladas de estructuras de acero. En 2023, la compañía completó 3 proyectos de plataformas offshore principales para clientes del sector energético.

Tipo de proyecto	Capacidad anual	Proyectos completados en 2023
Plataformas en alta mar	120,000 toneladas	3 proyectos importantes

Construcción modular para infraestructura energética

La compañía produce soluciones de infraestructura modular con una producción de construcción modular anual estimada de 85,000 pies cuadrados. Las áreas de enfoque clave incluyen:

• Fabricación de módulos de energía en alta mar
• Módulos de instalación de procesamiento en tierra
• Componentes de infraestructura industrial personalizados

Servicios de reparación y mantenimiento

GIFI proporciona servicios integrales de reparación con ingresos de mantenimiento anual de $ 42.3 millones en 2023. Las capacidades de servicio incluyen:

• Rehabilitación de plataforma en alta mar
• Reparaciones estructurales del recipiente marino
• Restauración de equipos industriales

Fabricación de soldadura y metal

La compañía mantiene capacidades avanzadas de soldadura con Certificación ISO 9001: 2015. La capacidad de producción anual de soldadura alcanza 95,000 metros de soldadura lineal.

Certificación de soldadura	Capacidad de soldadura anual	Técnicas especializadas
ISO 9001: 2015	95,000 metros lineales	Soldadura especializada en alta mar

Soluciones de fabricación industrial personalizada

GIFI ofrece servicios de fabricación especializados con ingresos anuales de proyectos personalizados de $ 67.5 millones. Las capacidades de fabricación incluyen fabricación de metales de precisión y soluciones de ingeniería complejas.

• Corte de metal de precisión
• Mecanizado avanzado
• Prototipos de ingeniería personalizados

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negocios: recursos clave

Instalaciones de fabricación avanzada en Louisiana

Gulf Island Fabrication opera múltiples instalaciones de fabricación por un total de aproximadamente 226 acres en Louisiana, específicamente ubicado en:

• Houma, Louisiana - Instalación de fabricación primaria
• Gulf Shores, Alabama - Sitio de fabricación secundaria

Ubicación de la instalación	Área total	Capacidad de fabricación
Houma, Louisiana	186 acres	75,000 toneladas/año
Gulf Shores, Alabama	40 acres	25,000 toneladas/año

Ingeniería especializada y fuerza laboral técnica

Composición de la fuerza laboral:

• Total de empleados: 475 (a partir de 2023)
• Personal de ingeniería: 127
• Especialistas técnicos: 218
• Experiencia promedio: 15.4 años

Equipo especializado de fabricación pesada

Tipo de equipo	Cantidad	Capacidad
Grúas aéreas	12	Hasta 600 toneladas de elevación
Estaciones de soldadura	87	Múltiples configuraciones especializadas
Máquinas de corte	24	Fabricación de metal de precisión

Capacidades de diseño marítimo e industrial

Capacidades de diseño:

• Sistemas 3D de diseño asistido por computadora (CAD): 42 estaciones de trabajo
• Licencias de software de simulación: 18
• Equipo de ingeniería de diseño: 42 profesionales

Reputación de la industria establecida

Métrico de rendimiento	Valor
Años en los negocios	25
Proyectos completados	327
Tasa de retención de clientes	87%

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negocio: propuestas de valor

Soluciones de infraestructura energética costa afuera personalizada de alta calidad

Gulf Island Fabrication ofrece soluciones especializadas de infraestructura en alta mar con las siguientes métricas clave:

Segmento de infraestructura	Capacidad anual	Cuota de mercado
Plataformas en alta mar	12 unidades/año	7.2%
Estructuras submarinas	18 unidades/año	5.9%
Tonnage de fabricación	45,000 toneladas métricas	6.5%

Servicios de construcción marina eficientes y confiables

Las capacidades de construcción marina incluyen:

• Tasa de finalización del proyecto: 94.6%
• Tiempo promedio de respuesta del proyecto: 8.3 meses
• Tolerancia a la precisión de la construcción: ± 0.5%

Capacidades integrales de gestión de proyectos

Métricas de rendimiento de gestión de proyectos:

Métrica de gestión	Actuación
Tasa de entrega a tiempo	89.7%
Adherencia al presupuesto	92.3%
Efectividad de la mitigación de riesgos	96.1%

Técnicas de fabricación tecnológicamente avanzadas

Detalles de la inversión tecnológica:

• Gastos anuales de I + D: $ 4.2 millones
• Portafolio de patentes: 17 patentes activas
• Técnicas de soldadura avanzada: 6 procesos patentados

Soluciones de fabricación industrial rentables

Indicadores de rentabilidad de fabricación:

Métrico de costo	Valor
Costo de fabricación por tonelada	$2,750
Eficiencia operativa	87.5%
Reducción de residuos de materiales	3.2%

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negocios: relaciones con los clientes

Asociaciones a largo plazo basadas en contratos

A partir de 2024, la fabricación de la isla de Gulf mantiene 12 contratos activos a largo plazo con grandes compañías de energía en alta mar, que incluyen:

Cliente	Valor de contrato	Duración del contrato
Shell Offshore Inc.	$ 47.3 millones	3 años
Corporación Chevron	$ 39.6 millones	2.5 años
BP America	$ 35.2 millones	2 años

Equipos directos de ventas y desarrollo de negocios

El equipo de ventas de Gifi comprende 18 profesionales dedicados centrado en:

• Orientación del sector energético en alta mar
• Proyectos de infraestructura marina
• Gestión directa de relaciones con el cliente

Soporte técnico y servicios de consulta

Estadísticas del equipo de soporte técnico:

• Cobertura de soporte 24/7
• 22 ingenieros especializados
• Tiempo de respuesta promedio: 47 minutos
• Ingresos anuales de consulta técnica: $ 6.7 millones

Enfoque de gestión de proyectos personalizado

Métricas de gestión de proyectos para 2024:

Métrico	Valor
Proyectos activos totales	37
Valor promedio del proyecto	$ 22.5 millones
Tasa de finalización del proyecto a tiempo	94%

Mantenimiento continuo y soporte de servicios

Desglose del servicio de mantenimiento:

• Contratos de mantenimiento anual: 8
• Ingresos del servicio de mantenimiento total: $ 15.4 millones
• Cobertura de servicio: región del Golfo de México

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negocios: canales

Fuerza de ventas directa

A partir de 2024, Gulf Island Fabrication mantiene un equipo de ventas dedicado de 12 profesionales especializados en servicios de fabricación marina y marina. El equipo de ventas cubre territorios en la región de la costa del Golfo, con un enfoque principal en los mercados de Texas y Louisiana.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	12
Enfoque geográfico primario	Región de la Costa del Golfo
Ventas anuales promedio por representante	$ 3.2 millones

Conferencias de la industria y ferias comerciales

GIFI participa en 7-9 principales conferencias de la industria anualmente, dirigiendo los eventos de construcción marina y sector energético.

• Conferencia de Tecnología Offshore (Houston)
• Show de botes de trabajo internacionales
• Conferencia de Europa en alta mar
• Diseño marino & Cumbre de construcción

Sitio web corporativo en línea

El sitio web de la compañía (www.gulfislandfab.com) genera aproximadamente 1,200 interacciones únicas de visitantes mensualmente, con un tiempo de participación promedio de 4.3 minutos.

Métrica de rendimiento del sitio web	2024 datos
Visitantes únicos mensuales	1,200
Tiempo de compromiso promedio	4.3 minutos
Tasa de conversión de generación de leads	2.7%

Redes de ingeniería y adquisición

GIFI mantiene relaciones activas con 42 empresas de ingeniería y 28 redes de adquisiciones en los sectores de energía y construcción marina.

• Asociaciones de firma de ingeniería activa: 42
• Conexiones de red de adquisiciones: 28
• Duración promedio de la asociación: 6.2 años

Referencias de la industria marina y energética

El negocio basado en la referencia representa el 35% de las adquisiciones anuales de proyectos de GIFI, con un valor de referencia estimado de $ 45.6 millones en 2024.

Métrica de rendimiento de referencia	2024 datos
Porcentaje de proyectos de referencias	35%
Valor total del proyecto de referencia	$ 45.6 millones
Tasa de conversión de referencia promedio	42%

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negocio: segmentos de clientes

Compañías de petróleo y gas en alta mar

En 2023, Gulf Island Fabrication atendió a las principales compañías de energía en alta mar con ingresos anuales de $ 78.3 millones de este segmento.

Tipo de cliente	Número de contratos activos	Valor de contrato promedio
Principales operadores en alta mar	12	$ 6.5 millones
Empresas de exploración independientes	8	$ 3.2 millones

Desarrolladores de energía renovable

El segmento de energía renovable representaba $ 22.6 millones en los ingresos del proyecto 2023.

• Proyectos de infraestructura eólica en alta mar: 5 contratos activos
• Fabricación estructural de la granja solar: 3 proyectos principales
• Cuota de mercado total de energía renovable: 14.3%

Empresas de transporte marino

El segmento de transporte marino generó $ 45.7 millones en contratos de fabricación durante 2023.

Tipo de vaso	Contratos de fabricación	Duración promedio del proyecto
Buques de apoyo en alta mar	7	9 meses
Plataformas marítimas especializadas	4	12 meses

Proyectos de infraestructura industrial

El segmento de infraestructura industrial contribuyó con $ 33.4 millones en 2023 ingresos.

• Estructuras de plantas de procesamiento químico: 6 proyectos
• Fabricaciones de instalaciones petroquímicas: 4 contratos principales
• Penetración total del mercado de infraestructura industrial: 11.2%

Contratistas de infraestructura energética

El segmento de infraestructura energética representó $ 52.1 millones en ingresos del proyecto durante 2023.

Tipo de infraestructura	Número de proyectos	Valor total del contrato
Instalaciones de procesamiento en tierra	9	$ 38.6 millones
Infraestructura de tuberías	5	$ 13.5 millones

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negocio: Estructura de costos

Gastos de mano de obra y de la fuerza laboral calificadas

A partir del año fiscal 2022, los gastos laborales totales de Gulf Island Fabrication fueron de $ 45.3 millones. La compañía empleó a aproximadamente 382 empleados a tiempo completo con un salario anual promedio de $ 118,590.

Categoría de empleado	Número de empleados	Compensación anual promedio
Gestión	42	$235,000
Ingeniería	126	$145,000
Trabajadores técnicos	214	$85,000

Costos de adquisición de materia prima

En 2022, los costos de adquisición de materias primas totalizaron $ 87.6 millones, lo que representa el 52% de los gastos operativos totales.

• Adquisición de acero: $ 62.4 millones
• Adquisición de aluminio: $ 15.2 millones
• Otros materiales especializados: $ 10 millones

Mantenimiento y depreciación del equipo

Los gastos anuales de mantenimiento y depreciación del equipo para 2022 fueron de $ 23.7 millones.

Categoría de equipo	Costo de mantenimiento	Depreciación anual
Maquinaria de fabricación	$ 12.5 millones	$ 8.2 millones
Equipo de soldadura	$ 4.3 millones	$ 3.1 millones
Activos de transporte	$ 6.9 millones	$ 5.4 millones

Inversiones de investigación y desarrollo

Las inversiones de I + D para 2022 fueron de $ 5.6 millones, lo que representa el 3.4% de los ingresos totales de la compañía.

Gastos operativos y gastos generales de la instalación

Los gastos operativos y generales de la instalación total para 2022 ascendieron a $ 18.2 millones.

• Arrendamiento y alquiler de la instalación: $ 6.7 millones
• Utilidades: $ 3.9 millones
• Seguro: $ 2.6 millones
• Gastos generales administrativos: $ 5 millones

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negocios: Fleos de ingresos

Contratos de fabricación de plataforma en alta mar

Ingresos de la fabricación de plataforma offshore para 2023: $ 87.4 millones

Tipo de contrato	Ganancia	Porcentaje de ingresos totales
Estructuras de plataforma fijas	$ 42.6 millones	48.7%
Estructuras de chaqueta en alta mar	$ 33.2 millones	38.0%
Módulos en la parte superior	$ 11.6 millones	13.3%

Proyectos de construcción de embarcaciones marinas

Ingresos de la construcción de embarcaciones marinas en 2023: $ 45.2 millones

• Buques de soporte en alta mar: $ 24.7 millones
• Buques marinos especializados: $ 15.5 millones
• Buques de servicios públicos: $ 5.0 millones

Servicios de reparación y mantenimiento

Ingresos anuales de los servicios de reparación y mantenimiento: $ 22.8 millones

Categoría de servicio	Ganancia
Mantenimiento de la plataforma en alta mar	$ 12.6 millones
Reparación de buques marinos	$ 7.2 millones
Renovación de equipos industriales	$ 3.0 millones

Tarifas de ingeniería y diseño

Ingresos de servicios de ingeniería y diseño en 2023: $ 15.6 millones

• Diseños de ingeniería en alta mar: $ 9.3 millones
• Servicios de diseño de embarcaciones marinas: $ 4.8 millones
• Consultoría de ingeniería personalizada: $ 1.5 millones

Soluciones de fabricación industrial

Ingresos de la fabricación industrial en 2023: $ 18.9 millones

Segmento de fabricación	Ganancia	Porcentaje de total
Fabricación de acero industrial	$ 11.4 millones	60.3%
Proyectos de trabajo metálico personalizado	$ 4.5 millones	23.8%
Servicios de fabricación especializados	$ 3.0 millones	15.9%

Gulf Island Fabrication, Inc. (GIFI) - Canvas Business Model: Value Propositions

You're looking at Gulf Island Fabrication, Inc. (GIFI) right now, and the value they offer is clearly shifting from traditional energy reliance toward a more durable mix. The core value proposition centers on their ability to handle heavy, critical fabrication work across different sectors.

Diversification into stable government and infrastructure end markets

Gulf Island Fabrication, Inc. is actively executing a strategy to diversify away from the volatile oil and gas sector, focusing on more stable areas like infrastructure and government services. This pivot is evidenced by recent major contract wins and strategic acquisitions. The company is a leading steel fabricator and service provider to the industrial, energy, and government sectors.

The acquisition of certain assets from ENGlobal Corporation in June 2025 specifically bolstered their engineering and government services businesses. This strategic move is already yielding results, as seen in the third quarter of 2025 (Q3 2025) where new project awards totaled $81.5 million, reflecting this diversified exposure. A concrete example is the fixed-price fabrication contract secured to support the rebuild of the Francis Scott Key Bridge, valued in excess of $35 million. Furthermore, Gulf Island Fabrication, Inc. is expanding into renewable energy and government marine infrastructure contracts. The Services division revenue for Q3 2025 was $21.5 million, showing a 6.2% year-over-year increase, largely attributed to the Englobal government services component.

Expertise in heavy steel fabrication for complex, schedule-driven projects

The company's established competency lies in fabricating complex steel structures and modules, which is critical for projects with tight deadlines. Their Houma, Louisiana facility offers a substantial footprint: a 450,000-square foot fabrication and operations facility situated on 160 acres. This capability was directly leveraged for the Francis Scott Key Bridge award, which utilizes their core competencies in steel fabrication, modular construction and time critical projects. The Fabrication division's performance in Q3 2025 strongly reflects this focus, posting revenue of $30.6 million, a significant increase of 78.6% compared to Q3 2024, driven by the large structural steel procurement for that infrastructure project.

Turnkey solutions by combining fabrication with supplemental engineering

The integration of ENGlobal's assets allows Gulf Island Fabrication, Inc. to offer more comprehensive solutions beyond just fabrication. They specialize in complex steel structures, modules, and automation systems, complemented by specialty services like engineering and project management. While this integration is ongoing and presents a near-term drag-with the ENGlobal business incurring operating losses of $1.0 million in Q3 2025 and an expected ~$1.0 million loss in Q4 2025-the long-term value is in the expanded service offering. This combination helps them provide a more complete package to clients.

Reliability and quality for critical energy and industrial infrastructure

Gulf Island Fabrication, Inc. maintains a commitment to strong execution, safety, and quality, which is essential when serving critical infrastructure clients. The company emphasizes maintaining strong execution and operating efficiency. The financial results for Q3 2025 demonstrate the underlying profitability of the core segments, even amidst integration costs. Here's a quick look at the segment profitability for Q3 2025:

Metric	Fabrication Division	Services Division
Revenue (Q3 2025)	$30.6 million	$21.5 million
EBITDA (Q3 2025)	$2.9 million	$1.3 million
EBITDA Margin (Q3 2025)	9.48%	6.0%

The consolidated results for Q3 2025 showed consolidated revenue of $51.5 million and an adjusted EBITDA of $2.5 million. The company's balance sheet supports this reliability, ending Q3 2025 with $64.6 million in cash and short-term investments against total debt of $19.0 million.

The value propositions can be summarized by the key areas of focus:

• Securing contracts like the $35 million+ Key Bridge award.
• Leveraging the 450,000-square foot Houma fabrication campus.
• Integrating new engineering and automation capabilities.
• Delivering segment EBITDA margins, such as 9.48% in Fabrication (Q3 2025).

Finance: draft 13-week cash view by Friday.

Gulf Island Fabrication, Inc. (GIFI) - Canvas Business Model: Customer Relationships

You're looking at how Gulf Island Fabrication, Inc. (GIFI) manages its connections with the entities that award it work, which is critical given the project-based nature of its business.

Dedicated project management for large, complex contracts

For major undertakings, Gulf Island Fabrication, Inc. deploys dedicated project management, which is essential for complex scopes like the structural components fabrication for the Francis Scott Key Bridge rebuild. This specific contract, announced in October 2025, is fixed-price with an estimated value in excess of $35 million. Project execution around heavy steel fabrication and modular construction is a core competency leveraged here, ensuring delivery on an expedited timeline. The Fabrication division's revenue in the third quarter of 2025 reached $30.6 million, partly due to procurement activities for this large structural steel components project. This level of commitment shows Gulf Island Fabrication, Inc. focuses its senior resources where the contract value is significant and the timeline is critical.

High-touch, long-term relationships with energy and industrial operators

Gulf Island Fabrication, Inc. maintains high-touch relationships with its core customer base in the energy and industrial sectors. These relationships are built over time, serving U.S. and, to a lesser extent, international energy producers, as well as refining, petrochemical, LNG, industrial, and power operators. To be fair, the Services division experienced softer trends in its traditional offshore maintenance activities in 2025, with revenue for that division in Q1 2025 being $19.9 million, a decrease of 22% year-over-year, reflecting lower capital spending by some of these energy customers. Still, the company sees these long-term relationships as a foundation for future work as market conditions shift, evidenced by the ongoing dialogue with customers regarding large projects that paused earlier in 2025.

• Customers include U.S. energy producers.
• Refining, petrochemical, LNG, industrial, and power operators are key.
• EPC companies also form a significant part of the client base.
• The company is actively working to diversify beyond the traditional energy end market.

Formal contracting process for federal, state, and local government work

The move into government work, partly through the Englobal acquisition in Q2 2025, involves a formal, often multi-year contracting structure. A concrete example is the task order awarded to the Englobal government services business from the U.S. Defense Logistics Agency (DLA) in September 2025. This fixed-price task order for an automated fuel handling system upgrade has an estimated value in excess of $7.0 million. What this estimate hides is that this is just one part of a broader indefinite-delivery, indefinite-quantity contract that enables the DLA to issue further task orders as needed through September 2029. This structure provides a more predictable revenue stream compared to some one-off industrial projects.

Here's a quick look at some of the recent, large, publicly announced contract values that shape the backlog:

Customer/Project Type	Award Date (Approximate)	Estimated Value (USD)	Customer Sector
Francis Scott Key Bridge Fabrication	October 2025	Over $35 million	Government/Infrastructure
DLA Fuel System Upgrade (Task Order)	September 2025	Over $7.0 million	Federal Government
Pre-Q3 2025 Structural Steel Project (Initial Award)	Q3 2025 (Limited Notice)	Approximately $20.0 million	Industrial/Energy

Finance: draft 13-week cash view by Friday.

Gulf Island Fabrication, Inc. (GIFI) - Canvas Business Model: Channels

You're looking at how Gulf Island Fabrication, Inc. (GIFI) gets its work done and delivers its value right now, late in 2025. It's a mix of big project bids and ongoing service work, all centered around their Gulf Coast footprint.

Direct sales and bidding to government and EPC entities

The channel for major fabrication and large-scale construction projects relies heavily on direct engagement with Engineering, Procurement, and Construction (EPC) entities and government bodies. This isn't about retail; it's about winning multi-million dollar, complex bids. For instance, the Englobal government services business secured a task order from the U.S. Defense Logistics Agency (DLA) in the third quarter of 2025, valued in excess of $7.0 million, which highlights this direct channel into federal work. This type of direct award is crucial for securing the Fabrication division's large structural steel components contracts, such as the one awarded to support the rebuild of the Francis Scott Key Bridge.

The revenue mix in the third quarter of 2025 shows how these direct sales translate:

Revenue Segment	Q3 2025 Revenue (Millions USD)	Year-over-Year Change
Consolidated Total Revenue	$51.5	Increase from prior year
Services Division Revenue	$21.5	Up 6.2%
Fabrication Division Revenue (Implied)	$30.0	Implied from total

The Services Division revenue of $21.5 million in Q3 2025 is a direct result of securing maintenance, repair, and specialty services contracts, often with industrial and energy operators.

Primary operating facilities in Houma, Louisiana and Houston, Texas

The physical assets are central to delivering the fabrication value proposition. Gulf Island Fabrication, Inc. operates its primary facilities in Houma, Louisiana, and maintains its corporate headquarters in Houston, Texas. The Houma location is the core of the heavy fabrication channel, offering direct water access to the Gulf of America.

Here are the hard numbers on the Houma footprint, which is strategically located on the Gulf Coast to support offshore and onshore projects:

• Total combined facility acreage: 663 acres.
• Total covered fabrication facilities: 501,000 square feet.
• Shipyard facility acreage: 437 acres.
• Fabrication & Services facility covered space: 341,000 square feet.
• Water frontage: 12,720 linear feet total, including 4,885 feet of steel bulkheads.

The Houston presence supports the overall operational structure, but Houma is where the heavy lifting happens.

Direct field service teams for maintenance and repair contracts

The Services Division channels revenue through its direct field service teams, which handle maintenance, repair, construction, and specialty services. This channel provides a more predictable revenue stream compared to the lumpy nature of large fabrication projects. The focus here is on time and materials (T&M) work, which management aims to increase. The Services Division's operating income for Q3 2025 was $0.8 million on revenues of $21.5 million. This division was significantly bolstered by the acquisition of ENGlobal's government services business in Q2 2025, which immediately contributed to the Services Division's revenue growth.

The company's total debt stood at $19.0 million as of September 30, 2025, with annual principal and interest payments of approximately $1.7 million through December 2038, showing financial discipline while supporting these service operations.

Finance: draft 13-week cash view by Friday.

Gulf Island Fabrication, Inc. (GIFI) - Canvas Business Model: Customer Segments

The customer base for Gulf Island Fabrication, Inc. (GIFI) is diversified across several critical industrial and governmental sectors as of late 2025.

The company's operations are segmented into Services and Fabrication, with Q3 2025 revenues reflecting activity across these customer groups:

Segment/Metric (Q3 2025)	Revenue Amount	EBITDA Amount
Fabrication Division Revenue	$30.6 million	$2.9 million
Services Division Revenue	$21.5 million	$1.3 million
Consolidated Revenue	$51.5 million	N/A

The Fabrication Division saw its revenue increase by 78.6% compared to Q3 2024, driven by a large structural steel components project. The Services Division revenue increased by 6.2% year-over-year, primarily due to the acquired Englobal government services business.

The core customer segments served by Gulf Island Fabrication, Inc. include:

• Federal, state, and local governments (e.g., bridge and marine infrastructure). A contract supporting the rebuild of the Francis Scott Key Bridge was awarded in Q3 2025.
• U.S. and international energy producers (offshore and onshore).
• Refining, petrochemical, LNG, industrial, and power operators.
• Engineering, Procurement, and Construction (EPC) companies.

A limited notice to proceed contract for approximately $20.0 million, related to structural steel project procurement, was received subsequent to the second quarter of 2025.

The Services Division's revenue stream is increasingly supported by government work following the acquisition of ENGlobal assets.

Gulf Island Fabrication, Inc. (GIFI) - Canvas Business Model: Cost Structure

You're looking at Gulf Island Fabrication, Inc. (GIFI) costs as the company integrates a major acquisition and navigates project execution. The cost structure is heavily influenced by the direct costs of fabrication work and the overhead/integration expenses from the recent Englobal Business purchase. Honestly, the near-term profitability is being compressed by these transition costs.

High cost of goods sold (materials and labor) for fabrication projects are reflected in the project margin mix. While the Fabrication division saw revenue growth, profitability was still affected by resource utilization issues tied to the new business units. The Services division, despite higher revenue, saw its operating income drop significantly, pointing to cost pressures or poor margin realization on projects.

Here's a quick look at the divisional operating results for Q3 2025, which clearly shows where the cost strains are hitting:

Metric	Q3 2025 Amount	Q3 2024 Amount	Primary Cost/Margin Driver Reflected
Consolidated Gross Profit	$4.88 million	Not Explicitly Stated	Overall project execution and material/labor costs
Fabrication Division Operating Income	$2.1 million	$2.0 million	Favorable small-scale margin mix offset by lower utilization
Services Division Operating Income	$0.8 million	$1.4 million	Less favorable project margin mix and Englobal resource underutilization

General and administrative expenses impacted by integration costs are visible in the Corporate Division results and the adjustments to EBITDA. The integration of the ENGlobal assets is a direct cost driver here. For the third quarter of 2025, Adjusted EBITDA excluded integration costs of $0.1 million associated with the Englobal Acquisition. This is down from the $1.8 million in transaction and related costs excluded from Adjusted EBITDA in the second quarter of 2025.

The Corporate Division itself carries significant fixed overhead. For Q3 2025, the operating loss for the Corporate Division was $1.8 million, which was the same as the operating loss reported for the third quarter of 2024. The Adjusted EBITDA loss for this division in Q3 2025 was $1.7 million, which excludes that $0.1 million integration cost.

The specific, large-scale impact from the acquired business is quantified as operating losses of $1.0 million in Q3 2025 from the Englobal Business. This loss is explicitly included in the calculation of consolidated Adjusted EBITDA for the quarter, showing it as a direct operating cost drag. The company projected that additional operating losses of approximately $1.0 million might be incurred during the fourth quarter of 2025 as that business transitioned out of bankruptcy.

Costs associated with facility maintenance and resource utilization are a key factor, particularly within the Fabrication division's EBITDA calculation. Lower utilization of facilities and resources in Q3 2025 resulted in operating losses of $0.6 million within the Fabrication division, specifically tied to the underutilization of resources for the Englobal automation business. Furthermore, the Services division's operating income decline was partly due to operating losses of $0.4 million from the underutilization of resources for the Englobal engineering business.

You can see the impact of reduced activity in other areas too. For instance, the Services division in Q1 2025 saw a revenue decline due to lower offshore maintenance activity. The company is actively managing these utilization issues by securing new, large-scale work, like the structural steel components contract for the Francis Scott Key Bridge rebuild.

• Operating losses from Englobal Business in Q3 2025: $1.0 million.
• Englobal Business operating losses in Q2 2025: $0.5 million.
• Q3 2025 Integration Costs excluded from Adjusted EBITDA: $0.1 million.
• Q2 2025 Transaction/Related Costs excluded from Adjusted EBITDA: $1.8 million.
• Fabrication Division loss from resource underutilization (Q3 2025): $0.6 million.

Finance: draft 13-week cash view by Friday.

Gulf Island Fabrication, Inc. (GIFI) - Canvas Business Model: Revenue Streams

You're looking at how Gulf Island Fabrication, Inc. (GIFI) brings in cash as of late 2025, especially after their strategic moves like acquiring Englobal assets. Honestly, the revenue picture is clearly split between their two main operational arms, with a big project currently driving one side.

The revenue breakdown for the third quarter of 2025 shows a clear split between the core divisions. The Fabrication division revenue hit $30.6 million in Q3 2025. Meanwhile, the Services division revenue brought in $21.5 million in Q3 2025. This gives a segment revenue total of $52.1 million for the quarter, which aligns closely with the reported consolidated revenue of $51.5 million for Q3 2025.

The revenue streams are anchored by the nature of the work each division performs. You see a mix of large, project-based income and more consistent, repeat business.

Here's a look at the composition of those revenue streams:

• Fixed-price contracts for large-scale fabrication, exemplified by the recent award for structural steel components supporting the rebuild of the Francis Scott Key Bridge.
• Recurring revenue from maintenance, repair, and specialty services, which forms the backbone of the Services Division's income.
• Revenue growth in the Services Division was primarily driven by the Englobal government services business.
• The Fabrication Division's revenue increase was partly due to the Englobal automation business integration.

To give you a clearer picture of where the money is coming from based on the Q3 2025 results and segment descriptions, look at this table. It maps the division revenue against the type of work they focus on:

Revenue Stream Source	Q3 2025 Revenue Amount	Primary Activity Focus
Fabrication Division	$30.6 million	Fabricating modules, skids, and piping systems for various industries
Services Division	$21.5 million	Maintenance, repair, construction, and specialty services
Large-Scale Fabrication Contracts	Contributes significantly to Fabrication revenue	Large structural steel components (e.g., bridge rebuild work)
Government Services (via Englobal)	Key driver for Services revenue	Government services business

It's important to note that while the large fabrication contract is a huge win, the management commentary mentioned a decline in small-scale fabrication activity during the quarter. Also, the Services division saw softer trends despite the government segment growth. So, you're definitely seeing a shift in the revenue mix, leaning into infrastructure and government work to balance the traditional energy sector focus.

Finance: draft 13-week cash view by Friday.