EXHIBIT 10.1

ELEVENTH AMENDMENT TO

NINTH AMENDED AND RESTATED

CREDIT AGREEMENT

This ELEVENTH AMENDMENT dated as of October 29, 2012 (this “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, DOLPHIN SERVICES, L.L.C., a Louisiana
limited liability company and successor by merger to Dolphin Services, Inc.,
SOUTHPORT, L.L.C., a Louisiana limited liability company and successor by merger
to Southport, Inc., GULF ISLAND MINDOC COMPANY, L.L.C. (formerly Vanguard Ocean
Services, L.L.C.), a Louisiana limited liability company, GULF MARINE
FABRICATORS, L.P. (formerly G.M. FABRICATORS, L.P. and NEW VISION L.P.), a Texas
limited partnership, GULF MARINE FABRICATORS GENERAL PARTNER, L.L.C., (formerly
NEW VISION GENERAL PARTNER, L.L.C.), a Louisiana limited liability company, and
GULF MARINE FABRICATORS LIMITED PARTNER, L.L.C. (formerly NEW VISION LIMITED
PARTNER, L.L.C.), a Louisiana limited liability company, as Guarantors, WHITNEY
BANK, a Louisiana state chartered bank (formerly known as Hancock Bank of
Louisiana, successor by merger to Whitney National Bank) (“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 extend the Facility
Termination Date under the Credit Agreement; and

WHEREAS, the Borrower has requested that the Lenders increase their Commitment;
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 Amendment
shall have the same meaning ascribed to such terms in the Credit Agreement.

2. 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, 2014 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.

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3. The Credit Agreement is hereby amended by increasing the Commitment of each
Lender to the amount set forth below its signature to this Amendment.

4. In order to reflect the increased Commitment of each Lender, Borrower has
executed and delivered its Note to each Lender, in the forms of Exhibits A and B
hereto.

5. Borrower and each Guarantor covenant and agree in favor of JPMorgan, as Agent
and LC Issuer and in favor of Lenders that they will furnish to Agent, on or
before October 15, 2012, uniform commercial code and corporate searches,
corporate resolutions, and such confirming instruments and documents as Agent
may request.

6. Except to the extent its provisions are specifically amended, modified or
superseded by this 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 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.

7. Borrower and each Guarantor acknowledge and agree that this 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 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.

8. Borrower and each Guarantor that has executed or is executing 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 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.

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

 

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10. THIS 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.

[Remaining page left blank; Signature pages follow]

 

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

 

BORROWER: GULF ISLAND FABRICATION, INC. By:   /s/ Kerry J. Chauvin   Kerry J.
Chauvin, Chairman & CEO GUARANTORS: GULF ISLAND, L.L.C. By:   /s/ William G.
Blanchard   William G. Blanchard, President & CEO DOLPHIN SERVICES, L.L.C.,
successor by merger to Dolphin Services, Inc. By:   /s/ William J. Fromenthal  
William J. Fromenthal, President & CEO SOUTHPORT, L.L.C. By:   /s/ William G.
Blanchard   William G. Blanchard, President & CEO

 

 

Signature Page 1

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GUARANTORS: (cont’d) GULF ISLAND MINDOC COMPANY, L.L.C. By:   /s/ Kerry J.
Chauvin   Kerry J. Chauvin, Manager

GULF MARINE FABRICATORS, L.P.

(formerly G.M. FABRICATORS, L.P. and NEW VISION, L.P.)

By:   Gulf Marine Fabricators General Partner, L.L.C. By:   /s/ Kerry J. Chauvin
  Kerry J. Chauvin, Manager

GULF MARINE FABRICATORS GENERAL PARTNER, L.L.C.

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

By:   /s/ Kerry J. Chauvin   Kerry J. Chauvin, Manager

GULF MARINE FABRICATORS LIMITED PARTNER, L.L.C.

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

By:   /s/ Kerry J. Chauvin   Kerry J. Chauvin, Manager

 

 

Signature Page 2

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LENDERS:

JPMORGAN CHASE BANK, N.A.,

Successor by merger to Bank One, NA, Chicago,

Individually, as LC Issuer, and as Agent

By:   /s/ Donald Hunt   Donald Hunt, Vice President

Commitment: $40,000,000.00

 

Signature Page 3

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LENDERS: (cont’d) WHITNEY BANK By:   /s/ Josh J. Jones  

Josh J. Jones

Area President South Central Region

Commitment: $40,000,000.00

 

Signature Page 4