Gulf Island extends credit agreement to June 2020, amends covenants

By Sarah Lizee

Olympia, Wash., Aug. 28 – Gulf Island Fabrication, Inc. entered into a third amendment on Monday to its credit agreement with Whitney Bank dated June 9, 2017 to modify covenants and extend the termination date by one year to June 9, 2020, according to an 8-K filing with the Securities and Exchange Commission.

The amendment lowered the base tangible net worth requirement to $180 million from $185 million in the minimum tangible net worth covenant.

In addition, the calculation for the minimum tangible net worth covenant was revised to remove the inclusion of 50% of consolidated net income for each fiscal quarter and the inclusion of 50% of the gain on the sale of assets of Gulf Marine Fabricators, LP.

Based in Houston, Gulf Island fabricates offshore drilling and production platforms and other specialized structures.

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