On August 29, 2021, Hurricane Ida made landfall near Gulf Island’s Houma, Louisiana facilities as a powerful Category 4 hurricane, causing significant damage to the surrounding area and leaving nearly one million residents and thousands of businesses without power and water, including the Company’s Houma facilities.
In an effort to return the Company to normal operations as quickly and as safely as possible, cleanup and restoration efforts commenced immediately following the passage of the storm. Power and water to the Company’s facilities have been recently restored and the Company has recommenced operations. The Company is continuing to work with its insurance providers to assess the full extent of the damage to its buildings and equipment, and although the timing and amount of any insurance recovery is uncertain, the Company currently does not expect a material impact to its overall liquidity.
“Following a period of significant weather-related disruption, operations at our Houma facilities have resumed,” stated Richard Heo, Gulf Island’s President and Chief Executive Officer. “I continue to be impressed and thankful for the tremendous resilience and dedication that our employees have demonstrated throughout this ordeal, despite many of them having experienced significant damage to, or complete loss of, their homes,” continued Heo.
To support employees during this period of disruption and loss, the Company is providing necessary essentials, serving onsite meals, and has established the Gulf Island Emergency Relief Fund to provide financial relief to those employees most impacted by the storm. For more information, please visit www.gulfisland.com.