Gulf Island Fabrication: Down as Q3 results hit by pandemic, storms

Gulf Island Fabrication

03/11/2020 16:19

** Shares in Gulf Island Fabrication Inc  GIFI.O  fall 8% to
$3
    ** Co on Monday posted bigger Q3 net and EBITDA losses
compared to a year earlier  urn:newsml:reuters.com:*:nGNX8RgtdV
    ** "The third quarter was challenging given the ongoing
economic and operational impact of COVID-19, oil price
uncertainty and a record level of tropical storm and hurricane
activity along the Gulf Coast" - CEO Richard Heo
    ** Co says pandemic-related disruptions resulted in schedule
extensions; cost increases on its projects for the U.S. Navy and
Hurricane Laura directly impacted operations in Lake Charles
    ** Stock down more than 40% so far this year

 (Reporting by Noor Zainab Hussain in Bengaluru)
 ((noor.hussain@thomsonreuters.com; Within U.S. +1 646 223 8780;
Outside U.S. +91 80 6182 2663 or +91 80 3796 2663 ;))