Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  Blanchard William G
 2. Date of Event Requiring Statement (Month/Day/Year)
02/01/2006		 3. Issuer Name and Ticker or Trading Symbol
GULF ISLAND FABRICATION INC [GIFI]
(Last)
(First)
(Middle)
583 THOMPSON ROAD		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President of Gulf Island, LLC
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

HOUMA, LA 70363		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 850
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Options 11/17/2001(1) 11/17/2010 Common Stock 2,800 $ 15 D  
Stock Options 12/11/2002(2) 12/11/2011 Common Stock 1,440 $ 11.68 D  
Stock Options 12/05/2003(3) 12/05/2012 Common Stock 1,200 $ 15.63 D  
Stock Options 12/11/2004(4) 12/10/2013 Common Stock 2,500 $ 16.69 D  
Stock Options 12/10/2005(5) 12/10/2014 Common Stock 2,500 $ 21.85 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Blanchard William G
583 THOMPSON ROAD
HOUMA, LA 70363		       President of Gulf Island, LLC  

Signatures

William G. Blanchard 02/13/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Currently exercisable.
(2) Two thirds currently exercisable, final one third becomes exercisable 12/11/2006.
(3) Sixty percent currently exercisable, remaining forty percent becomes exercisable in twenty percent increments in 2006 and 2007.
(4) 40% currently exercisable, remaining 60% percent exercisable in 20% increments per year in 2006, 2007, and 2008.
(5) Exercisable in 20% increments beginning 12/10/2005 and on the next four subsequent anniversaries thereof.

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