Gulf Island Announces Retirement of President and CEO
October 21 2019 - 4:16PM
Gulf Island Fabrication, Inc. (“Gulf Island” or the “Company”)
(NASDAQ: GIFI) announced today the retirement of Kirk Meche from
his roles as President and CEO of Gulf Island in the coming months.
The Corporate Governance and Nominating Committee of the Board of
Directors will lead a search process to identify the Company’s next
CEO. Mr. Meche will continue to serve as President and CEO during
the transition period and will assist the Board of Directors with
the transition. In connection with Mr. Meche’s announced
retirement, he has resigned as a Director, effective October 18,
2019.
“On behalf of the Board of Directors, I would
like to thank Kirk for his tremendous contributions and dedication
to the Company over the past 23 years and in particular his
leadership over the last seven years,” said Jack Laborde, Gulf
Island’s Chairman. “I further appreciate Kirk’s continued support
to facilitate a smooth leadership transition in the coming months
as the Board conducts a comprehensive search for the Company’s next
CEO. Kirk has worked tirelessly over the past several years leading
the Company in a very challenging market and leaves the Company
well positioned for the future. We wish Kirk all the best in his
retirement.”
“It has been an honor and privilege to be part
of the Gulf Island family and serve as its CEO,” said Mr. Meche. “I
am proud of the Company’s accomplishments and believe the Company
has a strong foundation for future success. I feel now is the right
time for a leadership change and I am committed to working
alongside the Board and the management team to ensure a seamless
transition.”
About Gulf Island
Gulf Island is a leading fabricator of complex
steel structures, modules and marine vessels used in energy
extraction and production, petrochemical and industrial facilities,
power generation, alternative energy and shipping and marine
transportation operations. The Company also provides project
management, installation, hookup, commissioning, repair,
maintenance and civil construction services. The Company operates
and manages its business through three operating divisions:
Fabrication, Shipyard and Services, with its corporate headquarters
located in Houston, Texas and operating facilities located in
Houma, Jennings and Lake Charles, Louisiana. For more information
on the Company, visit Gulf Island’s website at
www.gulfisland.com.
Company Information
Westley S. StocktonChief Financial
Officer713-714-6100
Cautionary Statement
This press release contains forward-looking
statements. Forward-looking statements, within the meaning of the
safe harbor provisions of the U.S. Private Securities Litigation
Reform Act of 1995, are all statements other than statements of
historical facts, such as projections or expectations relating to
oil and gas prices, operating cash flows, capital expenditures,
liquidity and tax rates. The words “anticipates,” “may,” “can,”
“plans,” “believes,” “estimates,” “expects,” “projects,” “targets,”
“intends,” “likely,” “will,” “should,” “to be,” “potential” and any
similar expressions are intended to identify those assertions as
forward-looking statements.
We caution readers that forward-looking
statements are not guarantees of future performance and actual
results may differ materially from those anticipated, projected or
assumed in the forward-looking statements. Important factors that
can cause our actual results to differ materially from those
anticipated in the forward-looking statements include our
leadership transition, including the timing of our CEO’s departure
and the process for finding his replacement, the cyclical nature of
the oil and gas industry, competition, consolidation of our
customers, timing and award of new contracts, reliance on
significant customers, financial ability and credit worthiness of
our customers, nature of our contract terms, competitive pricing
and cost overruns on our projects, adjustments to previously
reported profits or losses under the percentage-of-completion
method, weather conditions, changes in backlog estimates,
suspension or termination of projects, ability to raise additional
capital, ability to amend or obtain new debt financing or credit
facilities on favorable terms, ability to remain in compliance with
our covenants contained in our credit agreement, ability to
generate sufficient cash flow, ability to sell certain assets,
customer or subcontractor disputes, ability to resolve the dispute
with a customer relating to the purported termination of contracts
to build two multi-purpose support vessels, operating dangers and
limits on insurance coverage, barriers to entry into new lines of
business, ability to employ skilled workers, loss of key personnel,
performance of subcontractors and dependence on suppliers, changes
in trade policies of the U.S. and other countries, compliance with
regulatory and environmental laws, lack of navigability of canals
and rivers, shutdowns of the U.S. government, systems and
information technology interruption or failure and data security
breaches, performance of partners in our joint ventures and other
strategic alliances, and other factors described in Item 1A in our
Annual Report on Form 10-K for the Year Ended December 31, 2018, as
updated by subsequent filings with the U.S. Securities and Exchange
Commission.
Investors are cautioned that many of the
assumptions upon which our forward-looking statements are based are
likely to change after the forward-looking statements are made,
which we cannot control. Further, we may make changes to our
business plans that could affect our results. We caution investors
that we do not intend to update forward-looking statements more
frequently than quarterly notwithstanding any changes in our
assumptions, changes in business plans, actual experience or other
changes, and we undertake no obligation to update any
forward-looking statements.
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