Exhibit 10.1

FIFTH AMENDMENT TO

NINTH AMENDED AND RESTATED

CREDIT AGREEMENT

This FIFTH AMENDMENT dated as of March 31, 2006 (this “Fifth Amendment”) to that
certain NINTH AMENDED AND RESTATED CREDIT AGREEMENT, as amended (as so amended,
the “Credit Agreement”), dated as of December 31, 2003, is among GULF ISLAND
FABRICATION, INC., a Louisiana corporation (“Borrower”), GULF ISLAND, L.L.C., a
Louisiana limited liability company (“Gulf Island Subsidiary”), DOLPHIN
SERVICES, L.L.C., a Louisiana limited liability company and successor by merger
to Dolphin Services, Inc. (“Dolphin”), SOUTHPORT, L.L.C., a Louisiana limited
liability company and successor by merger to Southport, Inc. (“Southport”), GULF
ISLAND MINDOC COMPANY, L.L.C. (formerly Vanguard Ocean Services, L.L.C.), a
Louisiana limited liability company (“MinDOC”), G.M. FABRICATORS, L.P. (formerly
NEW VISION L.P.), a Texas limited Partnership (“GM Fabricators”), GULF MARINE
FABRICATORS GENERAL PARTNER, L.L.C., (formerly NEW VISION GENERAL PARTNER,
L.L.C.), a Louisiana limited liability company (“GM GP”), and GULF MARINE
FABRICATORS LIMITED PARTNER, L.L.C. (formerly NEW VISION LIMITED PARTNER,
L.L.C.), a Louisiana limited liability company (“GM LP”), as Guarantors, WHITNEY
NATIONAL BANK, a national banking association (“Whitney”) and JPMORGAN CHASE
BANK, N.A. (successor by merger to BANK ONE, N.A., Chicago) in its individual
capacity (“JPMorgan”) (Whitney and JPMorgan, each a “Lender” and collectively
the “Lenders”) and JPMorgan, as Agent and LC Issuer.

WHEREAS, the Borrower has requested that the Lenders to extend the Facility
Termination Date under the Credit Agreement and to amend the Credit Agreement to
facilitate certain banking services and certain guarantees; and

WHEREAS, the Lenders are agreeable thereto, on the terms and conditions set
forth herein;

NOW, THEREFORE, the parties hereto do hereby amend the Credit Agreement, all on
the terms and conditions hereof and do hereby agree as follows:

1. Unless otherwise defined herein, all defined terms used in this Fifth
Amendment shall have the same meaning ascribed to such terms in the Credit
Agreement.

2. The Credit Agreement is hereby amended by inserting the following two
definitions, in proper alphabetical order, in Article I (Definitions) of the
Credit Agreement:

“Banking Services” means each and any of the following bank services provided to
Borrower or any Guarantor by any Lender or Affiliate of a Lender: (i) commercial
credit cards; (ii) stored value

--------------------------------------------------------------------------------

cards; and (iii) treasury management services (including, without limitation,
controlled disbursement, automated clearinghouse transactions, return items,
overdrafts and interstate depository network services).

“Banking Service Obligations” means any and all obligations of the Borrower or
any Guarantor, whether absolute or contingent and howsoever created, arising,
evidenced or acquired (including all renewals, extensions and modifications
thereof and substitutions therefor) in connection with Banking Services,
including any guaranty by Borrower of any Banking Service Obligations of any
Guarantor.

3. The Credit Agreement is hereby amended by amending and restating the
definition of “Obligations” to read in its entirety as follows:

“Obligations” means all unpaid principal of and accrued and unpaid interest on
the Loans, all Reimbursement Obligations, all Rate Management Obligations and
Banking Service Obligations, all accrued and unpaid fees and all expenses,
reimbursements, indemnities and other obligations of the Borrower to the Lenders
or to any Lender, the Agent, the LC Issuer or any indemnified party arising
under the Loan Documents, and of the Borrower to any Lender or any Affiliate of
a Lender arising pursuant to any guaranty by Borrower of any Rate Management
Obligations or Banking Service Obligations of any Guarantor.

4. The Credit Agreement is hereby amended by amending and restating the
definition of “Facility Termination Date” to read in its entirety as follows:

“Facility Termination Date” means December 31, 2008 or any later date as may be
specified as the Facility Termination Date in any amendment to this Agreement or
any earlier date on which the Aggregate Commitment is reduced to zero or
otherwise terminated pursuant to the terms hereof.

5. Section 6.10 of the Credit Agreement is hereby amended by adding thereto new
sections (viii) and (ix) reading as follows:

(viii) Banking Service Obligations of Borrower or any Guarantor.

(ix) Guaranties by Borrower of any Indebtedness of any Guarantor of the type
listed in subsections (i), (ii), (iv), (v), (vi), or (vii) above.

 

-2-

--------------------------------------------------------------------------------

6. Section 6.20 of the Credit Agreement is hereby amended by deleting the
reference to “Section 6.10(vii)” and replacing it with a reference to “Section
6.10(vi)”.

7. In order to facilitate the provision of Banking Services to any one or more
Guarantors, now or hereafter, Borrower does hereby absolutely and
unconditionally guarantee as primary obligor and not as surety, in favor of each
Lender and the Affiliates of each Lender, the full and punctual payment (whether
at stated maturity, upon acceleration, or otherwise, and at all times
thereafter) of all Banking Service Obligations of each Guarantor, hereby binding
itself in solido with each Guarantor in favor of each Lender and the Affiliates
of each Lender. This guaranty is a guaranty of payment and not of collection.
The Borrower waives any right to require any Lender to sue any Guarantors
obligated for all or any part of the Banking Service Obligations, or otherwise
to enforce its payment against any collateral securing all or any part of the
Banking Service Obligations.

8. Except to the extent its provisions are specifically amended, modified or
superseded by this Fifth Amendment, the representations, warranties and
affirmative and negative covenants of the Borrower contained in the Credit
Agreement are incorporated herein by reference for all purposes as if copied
herein in full. The Borrower hereby restates and reaffirms each and every term
and provision of the Credit Agreement, as amended, including, without
limitation, all representations, warranties and affirmative and negative
covenants. Except to the extent its provisions are specifically amended,
modified or superseded by this Fifth Amendment, the Credit Agreement, as
amended, and all terms and provisions thereof shall remain in full force and
effect, and the same in all respects are confirmed and approved by the parties
hereto.

9. Borrower and each Guarantor acknowledge and agree that this Fifth Amendment
shall not be considered a novation or a new contract. Borrower and each
Guarantor acknowledge that all existing rights, titles, powers, Liens, security
interests and estates in favor of the Lenders constitute valid and existing
obligations and Liens and security interests as against the Collateral in favor
of the Agent for the benefit of the Lenders. Borrower and each Guarantor confirm
and agree that (a) neither the execution of this Fifth Amendment nor the
consummation of the transactions described herein shall in any way effect,
impair or limit the covenants, liabilities, obligations and duties of the
Borrower and each Guarantor under the Loan Documents and (b) the obligations
evidenced and secured by the Loan Documents continue in full force and effect.
Each Guarantor hereby further confirms that it unconditionally guarantees to the
extent set forth in the Guaranty the due and punctual payment and performance of
any and all amounts and obligations owed the Borrower under the Credit Agreement
or the other Loan Documents.

10. Borrower and each Guarantor that has executed any mortgage, security
agreement, pledge, or other security device as security for the obligations
under the Credit Agreement hereby acknowledges and affirms that such security
remains in effect

 

-3-

--------------------------------------------------------------------------------

for the Obligations. Further, Borrower and each Guarantor agree to execute such
amendments, modifications, and additions as may be requested by Agent from time
to time.

11. This Fifth Amendment may be executed in any number of counterparts and all
of such counterparts taken together shaft be deemed to constitute one and the
same instrument.

12. THIS FIFTH AMENDMENT AND THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A
CONTRARY EXPRESS CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH
THE INTERNAL LAWS OF LOUISIANA, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO
NATIONAL BANKS.

[REMAINDER OF PAGE INTENTIONALLY BLANK]

 

-4-

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the Borrower, the Guarantors, the Lenders, the LC Issuer and
the Agent have executed this Fourth Amendment as of the date first above
written.

 

BORROWER: GULF ISLAND FABRICATION, INC. By:  

/s/ Kerry J. Chauvin

  Kerry J. Chauvin, President & CEO

 

-5-

--------------------------------------------------------------------------------

GUARANTORS: GULF ISLAND, L.L.C. By:  

/s/ William G. Blanchard

  William G. Blanchard, President & CEO

 

-6-

--------------------------------------------------------------------------------

DOLPHIN SERVICES, L.L.C., successor by merger to Dolphin Services, Inc. By:  

/s/ William J. Fromenthal

  William J. Fromenthal, President & CEO

 

-7-

--------------------------------------------------------------------------------

SOUTHPORT, L.L.C. By:  

/s/ Jacques C. Olivier

  Jacques C. Olivier, President & CEO

 

-8-

--------------------------------------------------------------------------------

GULF ISLAND MINDOC COMPANY, L.L.C. By:  

/s/ Kerry J. Chauvin

  Kerry J. Chauvin, Manager

 

-9-

--------------------------------------------------------------------------------

G.M. FABRICATORS, L.P. (formerly NEW VISION, L.P.) By:   Gulf Marine Fabricators
General Partner, L.L.C. By:  

/s/ Kirk J. Meche

  Kirk J. Meche, President

 

-10-

--------------------------------------------------------------------------------

GULF MARINE FABRICATORS GENERAL

PARTNER, LLC

(Formerly NEW VISION GENERAL PARTNER, L.L.C.) By:  

/s/ Kirk J. Meche

  Kirk J. Meche, President

 

-11-

--------------------------------------------------------------------------------

GULF MARINE FABRICATORS LIMITED

PARTNER, LLC

(Formerly NEW VISION LIMITED PARTNER, L.L.C.) By:  

/s/ Kerry J. Chauvin

  Kerry J. Chauvin, Manager

 

-12-

--------------------------------------------------------------------------------

LENDERS: JPMORGAN CHASE BANK, N.A., Successor by merger to Bank One, NA, Chicago
Individually, as LC Issuer, and as Agent By:  

/s/ Tara T. Narasiman

  Tara T. Narasiman, Associate

 

-13-

--------------------------------------------------------------------------------

WHITNEY NATIONAL BANK By:  

/s/ Josh J. Jones

  Josh J. Jones, Assistant Vice President

 

-14-