EXHIBIT 23.1

                      CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the use in the Prospectus constituting part of this 
Amendment No. 2 to Registration Statement on Form S-1 of our report dated 
January 23, 1997, except for the third paragraph of Note 1 and the second 
paragraph of Note 9 which are as of February 13, 1997 and the third paragraph of
Note 9 which is as of February 14, 1997, relating to the financial statements of
Gulf Island Fabrication, Inc., which appears in such Prospectus. We also consent
to the application of such report to the Financial Statement Schedule for the 
three years ended December 31, 1996 listed under Item 16(b) of this Registration
Statement when such schedule is read in conjunction with the financial 
statements referred to in our report on the aforementioned financial statements 
of Gulf Island Fabrication, Inc. The audits referred to in such report also 
include this schedule. We also consent to the use of our report dated January 
23, 1997 relating to the combined financial statements of Dolphin Services, 
Inc., Dolphin Sales and Rentals, Inc. and Dolphin Steel Sales, Inc. which 
appears in such Prospectus. We also consent to the reference to us under the 
heading "Experts" in such Prospectus.


/s/ PRICE WATERHOUSE LLP
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PRICE WATERHOUSE LLP

New Orleans, Louisiana
March 26, 1997