Gulf Island Fabrication, Inc. (GIFI): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique des infrastructures énergétiques offshore, Gulf Island Fabrication, Inc. (GIFI) apparaît comme une centrale d'innovation et de précision, transformant des défis industriels complexes en solutions d'ingénierie transparente. Avec un modèle commercial robuste qui s'étend sur la construction marine, la fabrication de plate-forme et la fabrication spécialisée, GIFI est à l'avant-garde de la fourniture d'infrastructures de haute performance pour les secteurs énergétiques et marins les plus exigeants. Leur approche stratégique combine des capacités technologiques de pointe avec une compréhension approfondie des exigences de l'industrie, en les positionnant comme un partenaire critique dans le développement de projets sophistiqués en offshore et industriel.

Gulf Island Fabrication, Inc. (GIFI) - Modèle commercial: partenariats clés

Sociétés d'exploration du pétrole et du gaz

En 2024, GIFI maintient des partenariats stratégiques avec les principales sociétés d'exploration du pétrole et du gaz suivantes:

Entreprise	Valeur du contrat	Durée du partenariat
Shell Offshore Inc.	42,5 millions de dollars	2023-2025
Chevron Corporation	35,7 millions de dollars	2024-2026

Entrepreneurs de forage offshore

GIFI collabore avec les principaux entrepreneurs de forage offshore:

• Transocean Ltd.
• Diamond Offshore Drilling, Inc.
• Noble corporation

Fabricants d'équipements marins

Fabricant	Type d'équipement	Valeur d'achat annuelle
Cameron International	Équipement sous-marin	18,2 millions de dollars
Aker Solutions	Structures offshore	22,6 millions de dollars

Entreprises d'ingénierie et de conception

Les principaux partenariats d'ingénierie comprennent:

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

Fournisseurs en acier et en matières premières

Fournisseur	Type de matériau	Volume de l'offre annuelle
Arcelormittal	Acier de structure	45 000 tonnes métriques
Acier suédois ssab	Acier à haute résistance	22 500 tonnes métriques

Gulf Island Fabrication, Inc. (GIFI) - Modèle d'entreprise: activités clés

Fabrication de plate-forme offshore et de navires marins

La fabrication de l'île Gulf est spécialisée dans la construction complexe de plate-forme offshore avec une capacité de fabrication annuelle d'environ 120 000 tonnes de structures en acier. En 2023, la société a réalisé 3 grands projets de plate-forme offshore pour les clients du secteur de l'énergie.

Type de projet	Capacité annuelle	Projets terminés en 2023
Plates-formes offshore	120 000 tonnes	3 projets majeurs

Construction modulaire pour les infrastructures énergétiques

La société produit des solutions d'infrastructure modulaires avec une production annuelle de construction modulaire annuelle de 85 000 pieds carrés. Les principaux domaines d'intérêt comprennent:

• Fabrication du module d'énergie offshore
• Modules d'installation de traitement à terre
• Composants d'infrastructure industrielle personnalisés

Services de réparation et d'entretien

GIFI fournit des services de réparation complets avec des revenus de maintenance annuels de 42,3 millions de dollars en 2023. Les capacités de service comprennent:

• Réhabilitation de la plate-forme offshore
• Réparations structurelles des navires marins
• Restauration des équipements industriels

Soudage et fabrication de métaux

La société maintient des capacités de soudage avancées avec Certification ISO 9001: 2015. La capacité de production annuelle de soudage atteint 95 000 compteurs de soudage linéaire.

Certification de soudage	Capacité de soudage annuelle	Techniques spécialisées
ISO 9001: 2015	95 000 mètres linéaires	Soudage offshore spécialisé

Solutions de fabrication industrielles personnalisées

GIFI fournit des services de fabrication spécialisés avec des revenus annuels du projet personnalisé de 67,5 millions de dollars. Les capacités de fabrication comprennent la fabrication de métaux de précision et des solutions d'ingénierie complexes.

• Coupe de métaux de précision
• Usinage avancé
• Prototypes d'ingénierie personnalisés

Gulf Island Fabrication, Inc. (GIFI) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées en Louisiane

Gulf Island Fabrication exploite plusieurs installations de fabrication totalisant environ 226 acres en Louisiane, spécifiquement situées dans:

• Houma, Louisiane - Facilité de fabrication primaire
• Gulf Shores, Alabama - Site de fabrication secondaire

Emplacement de l'installation	Superficie totale	Capacité de fabrication
Houma, Louisiane	186 acres	75 000 tonnes / an
Gulf Shores, Alabama	40 acres	25 000 tonnes / an

Ingénierie qualifiée et main-d'œuvre technique

Composition de la main-d'œuvre:

• Total des employés: 475 (à partir de 2023)
• Personnel d'ingénierie: 127
• Spécialistes techniques: 218
• Expérience moyenne: 15,4 ans

Équipement de fabrication lourde spécialisé

Type d'équipement	Quantité	Capacité
Cranes au-dessus	12	Capacité de levage jusqu'à 600 tonnes
Stations de soudage	87	Plusieurs configurations spécialisées
Machines à découper	24	Fabrication de métal de précision

Capacités de design maritime et industriel

Capacités de conception:

• Systèmes de conception assistée par ordinateur 3D (CAD): 42 postes de travail
• Licences de logiciel de simulation: 18
• Équipe de conception d'ingénierie: 42 professionnels

Réputation établie de l'industrie

Métrique de performance	Valeur
Années de travail	25
Projets terminés	327
Taux de rétention des clients	87%

Gulf Island Fabrication, Inc. (GIFI) - Modèle d'entreprise: propositions de valeur

Solutions d'infrastructure énergétique offshore de haute qualité de haute qualité

Gulf Island Fabrication fournit des solutions d'infrastructure offshore spécialisées avec les mesures clés suivantes:

Segment des infrastructures	Capacité annuelle	Part de marché
Plates-formes offshore	12 unités / an	7.2%
Structures sous-marines	18 unités / an	5.9%
Tonnage de fabrication	45 000 tonnes métriques	6.5%

Services de construction marine efficaces et fiables

Les capacités de construction marine comprennent:

• Taux d'achèvement du projet: 94,6%
• Temps de redressement moyen du projet: 8,3 mois
• Tolérance à la précision de la construction: ± 0,5%

Capacités complètes de gestion de projet

Métriques de performance de la gestion de projet:

Métrique de gestion	Performance
Taux de livraison à temps	89.7%
Respect du budget	92.3%
Efficacité d'atténuation des risques	96.1%

Techniques de fabrication technologiquement avancées

Détails de l'investissement technologique:

• Dépenses annuelles de R&D: 4,2 millions de dollars
• Portefeuille de brevets: 17 brevets actifs
• Techniques de soudage avancées: 6 processus propriétaires

Solutions de fabrication industrielle rentables

Indicateurs de rentabilité de fabrication:

Métrique coût	Valeur
Coût de fabrication par tonne	$2,750
Efficacité opérationnelle	87.5%
Réduction des déchets de matériaux	3.2%

Gulf Island Fabrication, Inc. (GIFI) - Modèle d'entreprise: relations avec les clients

Partenariats à long terme basés sur les contrats

Depuis 2024, Gulf Island Fabrication maintient 12 contrats à long terme actifs avec les grandes sociétés d'énergie offshore, notamment:

Client	Valeur du contrat	Durée du contrat
Shell Offshore Inc.	47,3 millions de dollars	3 ans
Chevron Corporation	39,6 millions de dollars	2,5 ans
BP America	35,2 millions de dollars	2 ans

Équipes directes des ventes et du développement commercial

L'équipe de vente de GIFI comprend 18 professionnels dévoués concentré sur:

• Ciblage du secteur de l'énergie offshore
• Projets d'infrastructure marine
• Gestion directe de la relation client

Services de support technique et de consultation

Statistiques de l'équipe de support technique:

• Couverture d'assistance 24/7
• 22 ingénieurs spécialisés
• Temps de réponse moyen: 47 minutes
• Revenus de consultation technique annuelle: 6,7 millions de dollars

Approche de gestion de projet personnalisée

Mesures de gestion de projet pour 2024:

Métrique	Valeur
Projets actifs totaux	37
Valeur moyenne du projet	22,5 millions de dollars
Taux d'achèvement du projet à temps	94%

Maintenance continue et assistance de service

Répartition du service de maintenance:

• Contrats de maintenance annuels: 8
• Revenus de services de maintenance totale: 15,4 millions de dollars
• Couverture des services: Golfe du Mexique

Gulf Island Fabrication, Inc. (GIFI) - Modèle d'entreprise: canaux

Force de vente directe

En 2024, Gulf Island Fabrication maintient une équipe de vente dédiée de 12 professionnels spécialisés dans les services de fabrication marine et offshore. L'équipe commerciale couvre les territoires de la région de la côte du Golfe, en mettant principalement l'accent sur les marchés du Texas et de la Louisiane.

Métrique de l'équipe de vente	2024 données
Représentants des ventes totales	12
Focus géographique primaire	Région de la côte du golfe
Ventes annuelles moyennes par représentant	3,2 millions de dollars

Conférences et salons commerciaux de l'industrie

GIFI participe à 7-9 de grandes conférences de l'industrie par an, ciblant les événements de construction marine et du secteur de l'énergie.

• Conférence de technologie offshore (Houston)
• Salon international de bateaux de travail
• Conférence offshore Europe
• Design marin & Sommet de la construction

Site Web d'entreprise en ligne

Le site Web de l'entreprise (www.gulfislandfab.com) génère environ 1 200 interactions uniques des visiteurs, avec un temps d'engagement moyen de 4,3 minutes.

Métrique de performance du site Web	2024 données
Visiteurs uniques mensuels	1,200
Temps d'engagement moyen	4,3 minutes
Taux de conversion de génération de leads	2.7%

Réseaux d'ingénierie et d'approvisionnement

GIFI entretient des relations actives avec 42 sociétés d'ingénierie et 28 réseaux d'approvisionnement dans les secteurs de l'énergie et de la construction maritime.

• Partenariats de sociétés d'ingénierie active: 42
• Connexions du réseau d'approvisionnement: 28
• Durée du partenariat moyen: 6,2 ans

Références de l'industrie marine et de l'énergie

L'entreprise basée sur la référence représente 35% des acquisitions annuelles de projet du GIFI, avec une valeur de référence estimée à 45,6 millions de dollars en 2024.

Métrique de performance de référence	2024 données
Pourcentage de projets des références	35%
Valeur totale du projet de référence	45,6 millions de dollars
Taux de conversion de référence moyen	42%

Gulf Island Fabrication, Inc. (GIFI) - Modèle d'entreprise: segments de clientèle

Compagnies de pétrole et de gaz offshore

En 2023, Gulf Island Fabrication a desservi les grandes sociétés d'énergie offshore avec un chiffre d'affaires annuel de 78,3 millions de dollars de ce segment.

Type de client	Nombre de contrats actifs	Valeur du contrat moyen
Majeurs opérateurs offshore	12	6,5 millions de dollars
Sociétés d'exploration indépendantes	8	3,2 millions de dollars

Développeurs d'énergies renouvelables

Le segment des énergies renouvelables a représenté 22,6 millions de dollars en revenus du projet 2023.

• Projets d'infrastructure éolienne offshore: 5 contrats actifs
• Fabrication structurelle de la ferme solaire: 3 projets majeurs
• Part de marché total des énergies renouvelables: 14,3%

Entreprises de transport marin

Le segment des transports marins a généré 45,7 millions de dollars de contrats de fabrication au cours de 2023.

Type de navire	Contrats de fabrication	Durée moyenne du projet
Navires de support offshore	7	9 mois
Plates-formes maritimes spécialisées	4	12 mois

Projets d'infrastructure industrielle

Le segment des infrastructures industrielles a contribué à 33,4 millions de dollars sur les revenus de 2023.

• Structures des usines de traitement chimique: 6 projets
• Fabrications des installations pétrochimiques: 4 contrats majeurs
• Pénétration totale du marché des infrastructures industrielles: 11,2%

Entrepreneurs d'infrastructure énergétique

Le segment des infrastructures énergétiques a représenté 52,1 millions de dollars de revenus de projet en 2023.

Type d'infrastructure	Nombre de projets	Valeur totale du contrat
Installations de traitement à terre	9	38,6 millions de dollars
Infrastructure de pipeline	5	13,5 millions de dollars

Gulf Island Fabrication, Inc. (GIFI) - Modèle d'entreprise: Structure des coûts

Travail et frais de main-d'œuvre qualifiés

Depuis l'exercice 2022, les dépenses totales de main-d'œuvre de Gulf Island Fabrication étaient de 45,3 millions de dollars. L'entreprise a employé environ 382 employés à temps plein avec un salaire annuel moyen de 118 590 $.

Catégorie des employés	Nombre d'employés	Compensation annuelle moyenne
Gestion	42	$235,000
Ingénierie	126	$145,000
Travailleurs techniques	214	$85,000

Coûts d'approvisionnement en matières premières

En 2022, les coûts d'approvisionnement en matières premières ont totalisé 87,6 millions de dollars, ce qui représente 52% du total des dépenses opérationnelles.

• Approvisionnement en acier: 62,4 millions de dollars
• Procurement en aluminium: 15,2 millions de dollars
• Autres documents spécialisés: 10 millions de dollars

Entretien et dépréciation de l'équipement

Les frais de maintenance et d'amortissement annuels de l'équipement pour 2022 étaient de 23,7 millions de dollars.

Catégorie d'équipement	Coût de maintenance	Dépréciation annuelle
Machinerie de fabrication	12,5 millions de dollars	8,2 millions de dollars
Équipement de soudage	4,3 millions de dollars	3,1 millions de dollars
Actifs de transport	6,9 millions de dollars	5,4 millions de dollars

Investissements de recherche et développement

Les investissements en R&D pour 2022 étaient de 5,6 millions de dollars, ce qui représente 3,4% du total des revenus de l'entreprise.

Installation opérationnelle et frais généraux

Les dépenses opérationnelles et frais générales totales pour 2022 s'élevaient à 18,2 millions de dollars.

• Location et loyer de l'installation: 6,7 millions de dollars
• Services publics: 3,9 millions de dollars
• Assurance: 2,6 millions de dollars
• Frais généraux administratifs: 5 millions de dollars

Gulf Island Fabrication, Inc. (GIFI) - Modèle d'entreprise: Strots de revenus

Contrats de fabrication de plate-forme offshore

Revenus de la fabrication de la plate-forme offshore pour 2023: 87,4 millions de dollars

Type de contrat	Revenu	Pourcentage du total des revenus
Structures de plate-forme fixe	42,6 millions de dollars	48.7%
Structures de la veste offshore	33,2 millions de dollars	38.0%
Modules topside	11,6 millions de dollars	13.3%

Projets de construction de navires marins

Revenus de la construction de navires marins en 2023: 45,2 millions de dollars

• Navires de support offshore: 24,7 millions de dollars
• Navires marins spécialisés: 15,5 millions de dollars
• Navires de services publics: 5,0 millions de dollars

Services de réparation et d'entretien

Revenus annuels des services de réparation et d'entretien: 22,8 millions de dollars

Catégorie de service	Revenu
Maintenance de la plate-forme offshore	12,6 millions de dollars
Réparation des navires marins	7,2 millions de dollars
Rénovation de l'équipement industriel	3,0 millions de dollars

Frais d'ingénierie et de conception

Revenus des services d'ingénierie et de conception en 2023: 15,6 millions de dollars

• Conceptions d'ingénierie offshore: 9,3 millions de dollars
• Services de conception de navires marins: 4,8 millions de dollars
• Conseil d'ingénierie personnalisé: 1,5 million de dollars

Solutions de fabrication industrielle

Revenus de la fabrication industrielle en 2023: 18,9 millions de dollars

Segment de fabrication	Revenu	Pourcentage du total
Fabrication en acier industriel	11,4 millions de dollars	60.3%
Projets de travail en métal personnalisés	4,5 millions de dollars	23.8%
Services de fabrication spécialisés	3,0 millions de dollars	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.