Gulf Island Fabrication Receives Project Letter of Intent from Walter Oil - Gulf Island Fabrication (NASDAQ:GIFI)

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Gulf Island Fabrication, Inc. (NASDAQ: GIFI), announced today that, throughits subsidiary Gulf Island L.L.C., it has received a Letter of Intent fromWalter Oil & Gas Corporation in anticipation of a contract for the fabricationof a Jacket/Piles and Topsides for Walter's Megalodon project at SouthTimbalier Block 311 in the Gulf of Mexico. Revenue backlog and man-hoursassociated with this project will be reported in connection with the Company'sannouncement of financial results for the quarter ended September 30, 2013.

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