Gulf island announces sale of shipyard division assets and long-term contracts

Houston, april 19, 2021 (globe newswire) -- gulf island fabrication, inc. ("gulf island" or the "company") (nasdaq: gifi) today announced it has sold the assets and certain long-term vessel construction contracts of the shipyard division to bollinger shipyards, l.l.c. (“bollinger shipyards”) for approximately $28.6 million. net cash proceeds resulting from the transaction are anticipated to be approximately $15 million after payment of retained working capital liabilities associated with the divested construction contracts and transaction costs and adjustments to account for changes in working capital from december 31, 2020 through the closing date. the net cash proceeds are expected to be used to fund net working capital liabilities associated with retained construction contracts and other shipyard division liabilities and the wind down of the shipyard division operations.
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