SEC Form 4

FORM 4
[  ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b). UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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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1. Name and Address of Reporting Person^* Seibert, Robin A. (Last)                      (First)                      (Middle) 583 Thompson Road (Street) Houma,    LA   70363 (City)                      (State)                      (Zip)
2. Issuer Name
and Ticker or Trading Symbol
Gulf Island Fabrication, Inc.
GIFI 3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary) 4. Statement for
    (Month/Day/Year
02/21/2003
5. If Amendment,
    Date of Original
    (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
   Director      10% Owner X Officer (give title below)        Other (specify below)
Description           Controller & CAO, Secretary 7. Individual or Joint/Group
    Filing (Check Applicable Line)
X   Form filed by One Reporting Person      Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security     (Instr. 3)	2.Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction     Code     (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D)     (Instr. 3, 4, and 5)			5. Amount of     Securities     Beneficially     Owned Following     Reported Transaction(s)     (Instr. 3 and 4)	6. Owner-     ship     Form:     Direct (D)     or     Indirect (I)     (Instr. 4)	7. Nature of      Indirect      Beneficial      Ownership     (Instr. 4)
			Code	V	Amount	A/D	Price
Common Stock	02/21/2003		M		300	A	$9.50
Common Stock	02/21/2003		M		290	A	$7.125
Common Stock	02/21/2003		M		1700	A	$15.00
Common Stock	02/21/2003		M		1000	A	$11.68
Common Stock	02/21/2003		S		3290	D	$16.89	1000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security     (Instr. 3)

2. Conver-     sion or     Exercise     Price of     Deri-     vative     Security

3. Transaction Date (Month/ Day/ Year)

3A. Deemed Execution Date, if any (Month/ Day/ Year)

4. Transaction Code     (Instr.8)

5. Number of Derivative     Securities Acquired (A)     or Disposed Of (D)     (Instr. 3, 4 and 5)

6. Date Exercisable(DE) and     Expiration Date(ED)     (Month/Day/Year)

7. Title and Amount of     Underlying Securities     (Instr. 3 and 4)

8. Price     of     Derivative     Security     (Instr.5)

9. Number of     Derivative     Securities     Beneficially     Owned     Following     Reported     Transaction(s)     (Instr.4)

10. Owner- ship Form of Deriv- ative Securities: Direct (D) or Indirect (I) (Instr.4)

11. Nature of       Indirect       Beneficial       Ownership       (Instr.4)

Code

V

A

D

DE

ED

Title

Amount or Number of Shares

Options ( Right to Buy)

$19.625

M

07/22/1998

07/22/2008

Common Stock

5000

$

5000

D

Options (Right to Buy)

$7.125

M

290

01/29/2000

01/29/2009

Common Stock

580

$

290

D

Options (Right to Buy)

$9.50

M

300

01/03/2001

01/03/2010

Common Stock

900

$

600

D

Options (Right to Buy)

$15.00

M

1700

11/17/2001

11/17/2010

Common Stock

6800

$

5100

D

Options (right to Buy)

$11.68

M

1000

12/11/2002

12/11/2011

Common Stock

5000

$

4000

D

Options (Right to Buy)

$15.63

M

12/05/2003

12/05/2013

Common Stock

5000

$

5000

D

Explanation of Responses:

Exercisable in annual increments equal to 20% of the total number of options beginning on exercise date shown and on each one year anniversary.

By:	Date:
/s/
** Signature of Reporting Person	SEC 1474 (9-02)
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. * If the form is filed by more than one reporting person, see Instruction 4(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). Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

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