Gulf Island Fabrication, Inc. (“Gulf Island”) announced the completion of the sale of its South Texas fabrication yard in Ingleside, Texas to Buckeye Partners, L.P. (“Buckeye”) on April 20, 2018. Gulf Island had entered into a real estate purchase option and contract with Buckeye on December 20, 2017, which granted Buckeye the exclusive option to purchase the property through April 25, 2018. There were no adjustments to the originally-reported transaction amount of $55 million. Gulf Island will retain net cash proceeds of $52.7 million after transaction costs, in addition to $750,000 in earnest money deposited by Buckeye on January 3, 2018.
Gulf Island Fabrication, Inc. Research Note – April 23, 2018