Two Louisiana firms playing important roles in creation, construction of offshore wind farm _lowres

Gulf Island Fabrication, which has facilities in Houma, Jennings and Lake Charles, named Richard W. Heo, who has more than 20 years of experience in the engineering and construction industry, as president and CEO. Gulf Island also announced that Jack Laborde will step down as board chairman after the 2020 annual meeting. Laborde has been a director of the company since 1997 and board chairman since 2013.

Gulf Island Fabrication, which has facilities in Houma, Jennings and Lake Charles, said Monday it will remain an independent company and follow its business plan after wrapping up a six-month review of alternative strategies that included a possible merger or sale.

The review was conducted by a special committee. 

“After careful consideration, the board determined that the interests of the company’s shareholders are best served if the company remains independent and the board focuses on executing the company’s existing business plan, which includes enhancing the company’s resources, processes and procedures to improve competitiveness and overall project execution and consideration of organic and inorganic opportunities for growth,” Gulf Island said in a statement.

The Houston-based company makes steel structures and marine vessels used for oil and gas production and transportation, petrochemical and industrial facilities, power generation and alternative energy projects.

Shares of Gulf Island closed up 8 cents, or 1.5% Monday, to finish the day at $5.45 a share.

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Email Timothy Boone at tboone@theadvocate.com.