Gulf Island Fabrication has struck a deal with Leevac Shipyards to acquire all of its assets for $20million.
The agreement will include all leasehold interests at Leevac’s marine fabrication facilities in Jennings and Lake Charles and all of its machinery and equipment.
The transaction is also expected to provide around $112million of incremental contract backlog.
Chief executive of Gulf Island, Kirk Mecheof, said: “the acquisition of the LEEVAC assets further diversifies our business, enhances our marine fabrication and maintenance and repair capabilities, and provides our company with facilities in key strategic locations of Lake Charles and Jennings, Louisiana.”
The transaction will be subject to customary closing conditions and is expected to close in the fourth quarter or in the beginning of next year.