Gulf Island Fabrication, Inc. (GIFI): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da infraestrutura de energia offshore, a Gulf Island Fabrication, Inc. (GIFI) surge como uma potência de inovação e precisão, transformando desafios industriais complexos em soluções de engenharia sem costura. Com um modelo de negócios robusto que abrange a construção marinha, a fabricação de plataformas e a fabricação especializada, a GIFI fica na vanguarda de fornecer infraestrutura de alto desempenho para os setores de energia e marinho mais exigentes. Sua abordagem estratégica combina recursos tecnológicos de ponta com um profundo entendimento dos requisitos do setor, posicionando-os como um parceiro crítico no desenvolvimento de projetos sofisticados offshore e industriais.

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negócios: Parcerias -chave

Empresas de exploração de petróleo e gás

A partir de 2024, a GIFI mantém parcerias estratégicas com as seguintes empresas importantes de exploração de petróleo e gás:

Empresa	Valor do contrato	Duração da parceria
Shell Offshore Inc.	US $ 42,5 milhões	2023-2025
Chevron Corporation	US $ 35,7 milhões	2024-2026

Empreiteiros de perfuração offshore

O GIFI colabora com os principais contratados de perfuração offshore:

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

Fabricantes de equipamentos marítimos

Fabricante	Tipo de equipamento	Valor anual de compras
Cameron International	Equipamento submarino	US $ 18,2 milhões
Soluções AKER	Estruturas offshore	US $ 22,6 milhões

Empresas de engenharia e design

As principais parcerias de engenharia incluem:

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

Fornecedores de aço e matéria -prima

Fornecedor	Tipo de material	Volume anual de oferta
ArcelorMittal	Aço estrutural	45.000 toneladas métricas
Aço sueco SSAB	Aço de alta resistência	22.500 toneladas métricas

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negócios: Atividades -chave

Plataforma offshore e fabricação de embarcações marinhas

A Fabricação da Ilha do Gulf é especializada em construção complexa de plataforma offshore com capacidade anual de fabricação de aproximadamente 120.000 toneladas de estruturas de aço. Em 2023, a empresa concluiu três principais projetos de plataforma offshore para clientes do setor de energia.

Tipo de projeto	Capacidade anual	Projetos concluídos em 2023
Plataformas offshore	120.000 toneladas	3 projetos principais

Construção modular para infraestrutura energética

A empresa produz soluções de infraestrutura modulares com uma produção anual estimada de construção modular de 85.000 pés quadrados. As principais áreas de foco incluem:

• Fabricação do módulo de energia offshore
• Módulos de instalações de processamento onshore
• Componentes de infraestrutura industrial personalizados

Serviços de reparo e manutenção

O GIFI fornece serviços de reparo abrangentes com receita anual de manutenção de US $ 42,3 milhões em 2023. Os recursos de serviço incluem:

• Reabilitação da plataforma offshore
• Reparos estruturais de embarcações marinhas
• Restauração de equipamentos industriais

Soldagem e fabricação de metal

A empresa mantém recursos avançados de soldagem com Certificação ISO 9001: 2015. A capacidade anual de produção de soldagem atinge 95.000 medidores de soldagem lineares.

Certificação de soldagem	Capacidade anual de soldagem	Técnicas especializadas
ISO 9001: 2015	95.000 medidores lineares	Soldagem especializada offshore

Soluções de fabricação industrial personalizadas

A GIFI fornece serviços de fabricação especializados com receita anual de projetos personalizados de US $ 67,5 milhões. Os recursos de fabricação incluem fabricação de metais de precisão e soluções complexas de engenharia.

• Corte de metal de precisão
• Usinagem avançada
• Protótipos de engenharia personalizados

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negócios: Recursos -chave

Instalações de fabricação avançada na Louisiana

A Fabricação da Ilha Gulf opera várias instalações de fabricação, totalizando aproximadamente 226 acres na Louisiana, especificamente localizados em:

• Houma, Louisiana - Instalação de fabricação primária
• Gulf Shores, Alabama - Local de fabricação secundária

Localização da instalação	Área total	Capacidade de fabricação
Houma, Louisiana	186 acres	75.000 toneladas/ano
Gulf Shores, Alabama	40 acres	25.000 toneladas/ano

Engenharia qualificada e força de trabalho técnica

Composição da força de trabalho:

• Total de funcionários: 475 (a partir de 2023)
• Equipe de engenharia: 127
• Especialistas técnicos: 218
• Experiência média: 15,4 anos

Equipamento de fabricação pesada especializada

Tipo de equipamento	Quantidade	Capacidade
Guindastes aéreos	12	Capacidade de elevação de até 600 toneladas
Estações de soldagem	87	Múltiplas configurações especializadas
Máquinas de corte	24	Fabricação de metal de precisão

Capacidades de design marítimo e industrial

Recursos de design:

• Sistemas de design auxiliado por computador (CAD): 42 estações de trabalho
• Licenças de software de simulação: 18
• Equipe de engenharia de design: 42 profissionais

Reputação estabelecida da indústria

Métrica de desempenho	Valor
Anos de negócios	25
Projetos concluídos	327
Taxa de retenção de clientes	87%

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negócios: proposições de valor

Soluções de infraestrutura de energia offshore personalizadas de alta qualidade

A Fabricação da Ilha Gulf fornece soluções especializadas de infraestrutura offshore com as seguintes métricas -chave:

Segmento de infraestrutura	Capacidade anual	Quota de mercado
Plataformas offshore	12 unidades/ano	7.2%
Estruturas submarinas	18 unidades/ano	5.9%
Tonelagem de fabricação	45.000 toneladas métricas	6.5%

Serviços de construção marítima eficiente e confiável

Os recursos de construção marinha incluem:

• Taxa de conclusão do projeto: 94,6%
• Tempo médio de resposta do projeto: 8,3 meses
• Tolerância à precisão da construção: ± 0,5%

Recursos abrangentes de gerenciamento de projetos

Métricas de desempenho de gerenciamento de projetos:

Métrica de Gerenciamento	Desempenho
Taxa de entrega no tempo	89.7%
Aderência orçamentária	92.3%
Eficácia da mitigação de risco	96.1%

Técnicas tecnologicamente avançadas de fabricação

Detalhes de investimento em tecnologia:

• Despesas anuais de P&D: US $ 4,2 milhões
• Portfólio de patentes: 17 patentes ativas
• Técnicas avançadas de soldagem: 6 processos proprietários

Soluções de fabricação industrial econômica

Indicadores de eficiência de custo de fabricação:

Métrica de custo	Valor
Custo de fabricação por tonelada	$2,750
Eficiência operacional	87.5%
Redução de resíduos de material	3.2%

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negócios: Relacionamentos do cliente

Parcerias baseadas em contratos de longo prazo

A partir de 2024, a fabricação da Ilha do Golfo mantém 12 contratos de longo prazo ativos com grandes empresas de energia offshore, incluindo:

Cliente	Valor do contrato	Duração do contrato
Shell Offshore Inc.	US $ 47,3 milhões	3 anos
Chevron Corporation	US $ 39,6 milhões	2,5 anos
BP America	US $ 35,2 milhões	2 anos

Equipes diretas de vendas e desenvolvimento de negócios

A equipe de vendas da GIFI compreende 18 profissionais dedicados focado em:

• Setor de energia offshore direcionada
• Projetos de infraestrutura marinha
• Gerenciamento de relacionamento direto do cliente

Serviços de suporte técnico e consulta

Estatísticas da equipe de suporte técnico:

• Cobertura de suporte 24/7
• 22 engenheiros especializados
• Tempo médio de resposta: 47 minutos
• Receita anual de consulta técnica: US $ 6,7 milhões

Abordagem personalizada de gerenciamento de projetos

Métricas de gerenciamento de projetos para 2024:

Métrica	Valor
Total de projetos ativos	37
Valor médio do projeto	US $ 22,5 milhões
Taxa de conclusão do projeto pontual	94%

Manutenção contínua e suporte de serviço

Repartição do Serviço de Manutenção:

• Contratos anuais de manutenção: 8
• Receita total do serviço de manutenção: US $ 15,4 milhões
• Cobertura de serviço: região do Golfo do México

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negócios: canais

Força de vendas direta

A partir de 2024, a Fabricação da Ilha do Golfo mantém uma equipe de vendas dedicada de 12 profissionais especializados em serviços de fabricação marítima e offshore. A equipe de vendas cobre territórios em toda a região da Costa do Golfo, com foco primário nos mercados do Texas e da Louisiana.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	12
Foco geográfico primário	Região da Costa do Golfo
Vendas anuais médias por representante	US $ 3,2 milhões

Conferências e feiras do setor

O GIFI participa de 7-9 principais conferências do setor anualmente, visando eventos do setor de construção e energia marítima.

• Conferência de Tecnologia Offshore (Houston)
• Show International Workboat Show
• Conferência Offshore Europe
• Design marinho & Cúpula de construção

Site corporativo online

O site da empresa (www.gulfislandfab.com) gera aproximadamente 1.200 interações exclusivas do visitante mensalmente, com um tempo médio de compromisso de 4,3 minutos.

Métrica de desempenho do site	2024 dados
Visitantes únicos mensais	1,200
Tempo médio de engajamento	4,3 minutos
Taxa de conversão de geração de lead	2.7%

Redes de engenharia e compras

O GIFI mantém relações ativas com 42 empresas de engenharia e 28 redes de compras nos setores de energia e construção marítima.

• Empresas de engenharia ativa Parcerias: 42
• Conexões de rede de compras: 28
• Duração média da parceria: 6,2 anos

Referências da indústria marítima e de energia

O negócio baseado em referência é responsável por 35% das aquisições anuais de projetos da GIFI, com um valor estimado de referência de US $ 45,6 milhões em 2024.

Métrica de desempenho de referência	2024 dados
Porcentagem de projetos de referências	35%
Valor total do projeto de referência	US $ 45,6 milhões
Taxa média de conversão de referência	42%

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

Empresas de petróleo e gás offshore

Em 2023, a fabricação da Ilha do Golfo atendeu as principais empresas de energia offshore com receita anual de US $ 78,3 milhões desse segmento.

Tipo de cliente	Número de contratos ativos	Valor médio do contrato
Principais operadores offshore	12	US $ 6,5 milhões
Empresas de exploração independentes	8	US $ 3,2 milhões

Desenvolvedores de energia renovável

O segmento de energia renovável representou US $ 22,6 milhões em 2023 receitas do projeto.

• Projetos de infraestrutura eólica offshore: 5 contratos ativos
• Fabricação estrutural da fazenda solar: 3 projetos principais
• Participação total de mercado de energia renovável: 14,3%

Empresas de transporte marinho

O segmento de transporte marinho gerou US $ 45,7 milhões em contratos de fabricação durante 2023.

Tipo de embarcação	Contratos de fabricação	Duração média do projeto
Navios de suporte offshore	7	9 meses
Plataformas marítimas especializadas	4	12 meses

Projetos de infraestrutura industrial

O segmento de infraestrutura industrial contribuiu com US $ 33,4 milhões em 2023 receitas.

• Estruturas de plantas de processamento químico: 6 projetos
• Fabricações de instalações petroquímicas: 4 principais contratos
• Penetração total do mercado de infraestrutura industrial: 11,2%

Empreiteiros de infraestrutura de energia

O segmento de infraestrutura de energia representou US $ 52,1 milhões em receitas do projeto durante 2023.

Tipo de infraestrutura	Número de projetos	Valor total do contrato
Instalações de processamento em terra	9	US $ 38,6 milhões
Infraestrutura de pipeline	5	US $ 13,5 milhões

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negócios: estrutura de custos

As despesas de força de trabalho e da força de trabalho qualificadas

A partir do ano fiscal de 2022, as despesas totais de mão -de -obra da Fabrication da Ilha do Golfo foram de US $ 45,3 milhões. A empresa empregou aproximadamente 382 funcionários em período integral com um salário médio anual de US $ 118.590.

Categoria de funcionários	Número de funcionários	Compensação média anual
Gerenciamento	42	$235,000
Engenharia	126	$145,000
Trabalhadores técnicos	214	$85,000

Custos de aquisição de matéria -prima

Em 2022, os custos de aquisição de matéria -prima totalizaram US $ 87,6 milhões, representando 52% do total de despesas operacionais.

• Compras de aço: US $ 62,4 milhões
• Compras de alumínio: US $ 15,2 milhões
• Outros materiais especializados: US $ 10 milhões

Manutenção e depreciação de equipamentos

As despesas anuais de manutenção e depreciação de equipamentos para 2022 foram de US $ 23,7 milhões.

Categoria de equipamento	Custo de manutenção	Depreciação anual
Máquinas de fabricação	US $ 12,5 milhões	US $ 8,2 milhões
Equipamento de soldagem	US $ 4,3 milhões	US $ 3,1 milhões
Ativos de transporte	US $ 6,9 milhões	US $ 5,4 milhões

Investimentos de pesquisa e desenvolvimento

Os investimentos em P&D em 2022 foram de US $ 5,6 milhões, representando 3,4% da receita total da empresa.

Despesas operacionais e aéreas da instalação

As despesas operacionais e de sobrecarga totais de instalações em 2022 totalizaram US $ 18,2 milhões.

• Arrendamento de instalações e aluguel: US $ 6,7 milhões
• Utilitários: US $ 3,9 milhões
• Seguro: US $ 2,6 milhões
• Organização administrativa: US $ 5 milhões

Gulf Island Fabrication, Inc. (GIFI) - Modelo de negócios: fluxos de receita

Contratos de fabricação de plataforma offshore

Receita da fabricação de plataforma offshore para 2023: US $ 87,4 milhões

Tipo de contrato	Receita	Porcentagem da receita total
Estruturas de plataforma fixa	US $ 42,6 milhões	48.7%
Estruturas de jaqueta offshore	US $ 33,2 milhões	38.0%
Módulos topside	US $ 11,6 milhões	13.3%

Projetos de construção de embarcações marinhas

Receita da construção de embarcações marítimas em 2023: US $ 45,2 milhões

• Navios de suporte offshore: US $ 24,7 milhões
• Navios marinhos especializados: US $ 15,5 milhões
• Navios de utilidade: US $ 5,0 milhões

Serviços de reparo e manutenção

Receita anual de serviços de reparo e manutenção: US $ 22,8 milhões

Categoria de serviço	Receita
Manutenção da plataforma offshore	US $ 12,6 milhões
Reparo de embarcações marítimas	US $ 7,2 milhões
Reformamento de equipamentos industriais	US $ 3,0 milhões

Taxas de engenharia e design

Receita dos serviços de engenharia e design em 2023: US $ 15,6 milhões

• Projetos de engenharia offshore: US $ 9,3 milhões
• Serviços de design de embarcações marítimas: US $ 4,8 milhões
• Consultoria de engenharia personalizada: US $ 1,5 milhão

Soluções de fabricação industrial

Receita da fabricação industrial em 2023: US $ 18,9 milhões

Segmento de fabricação	Receita	Porcentagem de total
Fabricação de aço industrial	US $ 11,4 milhões	60.3%
Projetos de metais personalizados	US $ 4,5 milhões	23.8%
Serviços de fabricação especializados	US $ 3,0 milhões	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.