Exhibit 99.1

Gulf Island Fabrication, Inc. Signs Agreement to Construct Jackets and Piles For
PEMEX Project

     HOUMA, La.--(BUSINESS WIRE)--Nov. 30, 2004--Gulf Island Fabrication, Inc.
(NASDAQ: GIFI), announces that it's wholly-owned subsidiary, Gulf Island,
L.L.C., has executed a contract through Keppel SLP Consortium to fabricate two
jackets and piles for PEMEX Exploracion y Produccion, a subsidiary of Petroleos
Mexicanos (PEMEX), Mexico's National Oil Company.
     The Keppel SLP Consortium comprises four partners, namely Keppel Offshore &
Marine USA Inc., SLP Engineering Ltd, AMFELS Inc. and Gulf Island L.L.C.
     The platforms, to be called HA-KU-S and HA-KU-M, are to be installed in the
Ku-Maloob-Zaap field in the Bay of Campeche, Gulf of Mexico, by first quarter of
2006.
     The value of this contract, in addition to other contracts destined for
West Africa, the North Sea and the Gulf of Mexico, that have been awarded to the
Company since its press release dated October 27, 2004, will increase revenue
backlog by $58.7 million and labor backlog by approximately 645 thousand
man-hours.
     Gulf Island Fabrication, Inc., based in Houma, Louisiana, is a leading
fabricator of offshore drilling and production platforms, offshore living
quarters and other specialized structures used in the development and production
of offshore oil and gas reserves. The Company also offers offshore interconnect
pipe hook-up, inshore marine construction, manufacture and repair of pressure
vessels, and steel warehousing and sales.

     CONTACT: Gulf Island Fabrication, Inc., Houma
              Kerry J. Chauvin, 985-872-2100
              or
              Joseph "Duke" Gallagher, 985-872-2100