Bollinger Shipyards has bought the Houma, Louisiana-based shipyard division of Gulf Island Fabrication (Nasdaq: GIFI) for approximately $28.6 million in a move to expand construction or repair work in the military and commercial shipbuilding markets.
The deal includes a 437-acre waterfront facility, four drydocks and existing contracts to build vessels for the U.S. Navy, the National Science Foundation and Oregon State University, the companies said Monday.
The shipyard has 198,000 square feet of warehousing, fabrication, administrative and operations space.
Bollinger intends to use newly acquired assets to further support its customer base, which includes the U.S. Navy, the U.S. Coast Guard and General Dynamics’ Electric Boat subsidiary.
Projects covered by the acquisition include work on five towing, salvage and rescue vessels for the Navy and three research vessels for Oregon State University.
The Coast Guard awarded Bollinger a contract in September 2020 to build an additional four Sentinel-Class fast response cutters and the company said Congress approved funds for the construction project in December.