Gulf Island Fabrication, Inc. (GIFI)

Gulf Island Fabrication, Inc. was a fabricator of steel structures and modules for energy and industrial customers, based in Houston, Texas. The company and its predecessors operated along the Gulf Coast, with fabrication yards in Louisiana and Texas. It built production platforms, topsides, jackets and other structures for offshore oil and gas development, as well as modules, skids, piping systems and foundations for onshore refining, petrochemical, LNG and industrial facilities.

The company completed its initial public offering in 1997 and its common stock traded on the Nasdaq under the symbol GIFI. For many years its revenue was tied to the offshore oil and gas cycle, and the company experienced a sharp decline in offshore fabrication work after oil prices fell in 2014 and 2015. Backlog and margins fluctuated considerably as it bid on large fixed-price projects, and several of those projects, including shipbuilding contracts, resulted in losses.

In response, Gulf Island changed its strategy and moved away from large offshore and vessel construction. In 2021 it sold its shipyard division to Bollinger Shipyards and concentrated on its services and fabrication businesses, which included industrial and municipal maintenance, repair, coatings and scaffolding work along the Gulf Coast. It also pursued opportunities in renewable energy structures such as wind-related foundations, and in coastal and infrastructure projects.

In late 2025 Gulf Island agreed to be acquired by IES Holdings, Inc., a Nasdaq-listed provider of infrastructure and industrial services whose businesses include electrical and mechanical contracting. Under the agreement, Gulf Island shareholders were to receive $12.00 in cash per share. The combination was intended to add Gulf Island's fabrication capabilities and Gulf Coast facilities to IES's industrial operations.

Gulf Island shareholders voted to approve the merger at a special meeting held in January 2026. The companies stated that they intended to complete the merger on January 16, 2026, subject to customary closing conditions, and that upon completion the common stock would no longer be publicly traded and would be delisted from Nasdaq.

After closing, Gulf Island became a wholly owned subsidiary of IES Holdings. A Form 25 was filed with the SEC on January 16, 2026 to remove the common stock from listing and registration on Nasdaq. The transaction ended Gulf Island's status as an independent public company, which had traded on Nasdaq since its initial public offering in 1997. Its fabrication, services and project capabilities continue under the ownership of IES Holdings, and no successor ticker was created for the Gulf Island shares. Holders of record received the cash consideration in exchange for their shares, and no stock or other securities were issued as part of the merger.