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Gulf Island history
Gulf Island company history timeline
All in all, 1985 was not a particularly auspicious year in which to start an oil services company.
1985-95: Company Begins Operations
In 1987, the company acquired Raymond Fabrications Yard.
It has also prided itself on its innovations and its uniqueness, on the fact, for example, that it had developed a deep-water technology that would play a vital role in its growth in the 21st century. It has been a point of pride for Gulf Island that it has been profitable every year since 1988, thanks to its focus on controlling costs and providing quality products and services.
1996-97: Gulf Island Goes Public and Expands through Acquisition
These two men and the other founding investors would own 100 percent of the company right up until it went public and made its IPO in April of 1997.
In 1997, Gulf Island went public, while also purchasing Dolphin Services, Steel Sales and Southport.
In 1998, as the offshore oil industry moved into deeper and deeper waters, the company actively moved further into the area of deep-water drilling.
The original module, accidently lost in 1998, had taken 27 months to build; Gulf Island, using over 180 workers for the project, built the new unit in just 12 months.
Gulf Island initially owned a one-third share of the new company, with the remainder divided equally among its partners. It was in 1998 that, along with four other companies, Gulf Island formed a limited liability company dubbed MinDOC, an acronym for "Minimum Deepwater Operating Concept." The partners created MinDOC, L.L.C. to design, patent, and market a deepwater floating drilling and production concept.
Signs Letter of Intent to Reconstruct Petronius South Deck Module,” Business Wire, April 28, 1999.
Makes Announcement,” Business Wire, December 16, 1999.
1999: Gulf Island forms Deep Ocean Services, L.L.C., a wholly-owned subsidiary, and later reorganizes as a holding company, creating Gulf Island, L.L.C. as its wholly-owned subsidiary d.b.a.
“Texaco’s Petronius Platform Completed in Gulf of Mexico,” Business Wire, May 4, 2000.
In 2000, the demand for GIFI's services and products hit an all time low, but prospects began to improve during the year as oil and natural gas commodity prices rebounded and started a rapid rise.
Additions have continued throughout the past several years for Gulf Island, including in 2006 when the company purchased Gulf Marine Fabricators.
In 2008, the company branched out even further, launching Gulf Island Fabricators.
In 2016, the company acquired Leevac Shipyards.
"Gulf Island Fabrication, Inc. ." International Directory of Company Histories. . Retrieved June 22, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/gulf-island-fabrication-inc
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Gulf Island competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Newpark | 1932 | $217.5M | 2,248 | - |
| Quanta Services | 1997 | $23.7B | 40,000 | 783 |
| Clean Harbors | 1980 | $5.9B | 14,400 | 1,972 |
| Superior Energy Services | 1989 | $1.4B | 6,400 | 21 |
| DCP Midstream | 2005 | $366.2M | 2,650 | - |
| South Jersey Industries | 1910 | $2.0B | 650 | 51 |
| Express Energy Services | 2000 | $580.0M | 750 | - |
| Key Energy Services | 1977 | $413.9M | 7,500 | 25 |
| Geokinetics | 1980 | $43.1M | 4,000 | - |
| SEACOR Holdings | 1989 | $271.4M | 2,195 | - |
Gulf Island history FAQs
Zippia gives an in-depth look into the details of Gulf Island, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Gulf Island. The employee data is based on information from people who have self-reported their past or current employments at Gulf Island. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Gulf Island. The data presented on this page does not represent the view of Gulf Island and its employees or that of Zippia.
Gulf Island may also be known as or be related to GULF ISLAND FABRICATION INC, Gulf Island, Gulf Island Fabrication, Gulf Island Fabrication Inc and Gulf Island Fabrication, Inc.