Gulf Island Fabrication, Inc.’s operating results for the quarter ended March 31, 2018 showed modest but encouraging revenue growth that suggests the company’s multi‐year restructuring efforts are beginning to bear fruit. Although liquidity as of March 31, 2018 remained a concern, on April 25, 2018, the company closed on the sale of one of its properties, providing a cash influx that should sustain the company for the near‐term, absent large operating losses. The company produced a gross profit for the first time since FQ3 2016, and operating expenses remained relatively flat, intimating that incremental revenue growth should improve gross margins. The markedly decreased capital spending by offshore oil and gas exploration, production and service companies in the past few years forced Gulf Island to undertake a strategic pivot, from which the company is now emerging. Opportunities in new markets, such as offshore wind energy, and with new customers, such as the United States Navy, represent potentially meaningful sources of future growth. Global Value Research Company (GVRC) believes the company’s stock price does not reflect its intrinsic valuation and fails to account for a growing backlog, future revenue opportunities and improving operating characteristics. GVRC assigns a target price of $17.60.