Exhibit 99.1

 Gulf Island Fabrication, Inc. Announces New Chief Financial Officer


    HOUMA, La.--(BUSINESS WIRE)--Oct. 2, 2007--Gulf Island
Fabrication, Inc. (NASDAQ: GIFI) announced today that Joseph "Duke"
Gallagher is stepping down as the Company's Chief Financial Officer
and Treasurer effective today, and that Robin A. Seibert, who has been
the Company's Controller and Chief Accounting Officer, will become its
new Chief Financial Officer and Treasurer effective immediately.

    Gulf Island Fabrication, Inc., based in Houma, Louisiana, is a
leading fabricator of offshore drilling and production platforms, hull
and/or deck sections of floating production platforms and other
specialized structures used in the development and production of
offshore oil and gas reserves. The Company fabricates various
structures, including jackets and deck sections of fixed production
platforms, hull and deck sections of floating production platforms,
piles, wellhead protectors, subsea templates and various production,
compressor and utility modules, offshore living quarters, tanks and
barges. The Company also provides certain services including offshore
interconnect pipe hook-up, inshore marine construction, manufacture
and repair of pressure vessels, heavy lifts such as ship integration
and tension leg platform module integration, and loading and
offloading drilling rigs, and steel warehousing and sales.

    CONTACT: Gulf Island Fabrication, Inc., Houma
             Kerry J. Chauvin, Chief Executive Officer, 985-872-2100
             or
             Robin A. Seibert, Chief Financial Officer, 985-872-2100