Brief: Gulf Island Fabrication Inc Gulf Island Resolves MPSV Litigation

Gulf Island Fabrication

05/10/2023 13:42

Oct 5 (Reuters) - Gulf Island Fabrication Inc  GIFI.O :
    * GULF ISLAND FABRICATION INC:  GULF ISLAND RESOLVES MPSV
LITIGATION
    * GULF ISLAND FABRICATION:  CO, UNIT, FIDELITY & DEPOSIT
COMPANY
OF MARYLAND AND ZURICH AMERICAN INSURANCE ENTERED BINDING TERM
SHEET ON SETTLEMENT
    * GULF ISLAND FABRICATION INC - DURING Q3 2023, GULF ISLAND
WILL
WRITE-OFF ITS NET CONTRACT ASSET OF $12.5 MILLION
    * GULF ISLAND FABRICATION:  CO, ZURICH AMERICAN TO ENTER
INTO NOTE
AGREEMENT PURSUANT TO WHICH GULF ISLAND WILL PAY ZURICH $20
MILLION, PLUS INTEREST
    * GULF ISLAND FABRICATION:  GULF ISLAND AND GIS ALSO AGREED
TO
RELEASE POSSESSION OF THE MPSVS TO ZURICH

Source text for Eikon:  ID: 
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