Exhibit 99.2

                           UNIFAB INTERNATIONAL, INC.
                              FIRST QUARTER RESULTS

New Iberia, LA - (Business Wire) - May 20, 2002-- UNIFAB International, Inc.
(NASDAQ: UFAB) today reported net loss of $2.1 million ($0.26 per share, basic
and diluted) on revenue of $9.9 million for the three months ended March 31,
2002, compared to net loss of $1.6 ($0.20 per share, basic and diluted) on
revenue of $21.7 million for the three months ended March 31, 2001. Depreciation
and amortization for the quarter was $654,000 compared to $848,000 in the March
quarter last year. The Company reported backlog of approximately $10.0 million
at March 31, 2002.

"We have had limited success replacing projects in backlog as we complete them
and as a result our revenue volume, operating results and backlog level have
decreased significantly from last year," said Peter J. Roman, Interim President
and Chief Executive Officer. "We are continuing to seek relationships that will
result in capital to support the Company as a going concern, including
partnering, financing or selling outright any idle or excess yards or equipment.
At the same time and as quickly as we can, we are examining businesses and
product lines that are not part of our core capabilities as candidates for
disposal. We are evaluating all types of cost reduction, including moth-balling
idle facilities and eliminating any excess overhead through consolidation. We do
not expect to significantly revise this strategy until the market returns for
our fabrication capabilities."

UNIFAB International, Inc. is a custom fabricator of topside facilities,
equipment modules and other structures used in the development and production of
oil and gas reserves. In addition, the Company designs and manufactures
specialized process systems, refurbishes and retrofits existing jackets and
decks, provides design, repair, refurbishment and conversion services for oil
and gas drilling rigs and performs offshore piping hook-up and platform
maintenance services.

Statements made in this news release regarding UNIFAB's expectations as to
future operations of the Company and other statements included herein that are
not statements of historical fact are forward-looking statements that depend
upon the following factors, among others: continued demand for the services
provided by UNIFAB, availability of skilled employees, and UNIFAB's ability to
integrate and manage acquired businesses. Should any of these factors not
continue as anticipated, actual results and plans could differ materially from
those expressed in the forward-looking statements.


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