Exhibit 99.3

                           UNIFAB INTERNATIONAL, INC.
                             SECOND QUARTER RESULTS


New Iberia, LA - (Business Wire) - August 14, 2002-- UNIFAB International, Inc.
(NASDAQSC: UFAB) today reported net loss of $3.4 million ($0.42 per share, basic
and diluted) on revenue of $8.4 million for the three months ended June 30,
2002, compared to net loss of $591,000 ($0.07 per share, basic and diluted) on
revenue of $22.9 million for the three months ended June 30, 2001. Depreciation
and amortization for the quarter was $638,000 compared to $654,000 in the June
quarter last year. The Company reported backlog of approximately $7.2 million at
June 30, 2002. At June 30, 2002 the Company is in default under the terms of its
Senior Secured Credit Agreement and consequently has classified $22,667,000
outstanding under the agreement as a current liability.

Included in cost of revenue in the June quarter, are valuation reserves of
$408,000 on inventory, mainly waste processing modules manufactured by the
Environmental Division, asset impairment costs of $252,000 related to certain
assets acquired in the OBI acquisition which have no remaining utility, and
$550,000 in reserves related to contract disputes arising in the quarter.
Included in SG&A for the June quarter are payments totaling $150,000 related to
settlement of employment contracts with former corporate executives. Other
expense includes a $477,000 loss on the transfer of buildings and other
leasehold improvements in full settlement of all obligations under and
cancellation of the leases on the drilling rig repair facility in the Port of
Iberia net of $126,000 gain on the sale of assets formerly used in plant
maintenance operations. Drilling rig repair services will be performed at the
Company's main facility in the Port of Iberia and at the Company's deepwater
facility in Lake Charles, Louisiana.

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. Should any of these
factors not continue as anticipated, actual results and plans could differ
materially from those expressed in the forward-looking statements.