EXHIBIT 23.1


                            CONSENT OF INDEPENDENT ACCOUNTANTS


               We  hereby consent to the incorporation by reference in this
               Registration  Statement  on  Form  S-8  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,  the  third  paragraph  of  Note  9 which is as of
               February 14, 1997, and the fourth paragraph of  Note 9 which
               is as of October 28, 1997, which appears on page  F-8 of the
               Prospectus  constituting  part of the Registration Statement
               (No. 333-39695) on Form S-1 of Gulf Island Fabrication, Inc.
               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  the
               Registration Statement (No. 333-39695) 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 incorporation  by  reference 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 on page F-26 in the
               Prospectus  constituting  part of the Registration Statement
               (No. 333-39695) on Form S-1 of Gulf Island Fabrication, Inc.






               /s/ Price Waterhouse LLP
               PRICE WATERHOUSE LLP

               New Orleans, Louisiana
               February 11, 1998