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                                                                    Exhibit 99.1


                           UNIFAB INTERNATIONAL, INC.
                              FIRST QUARTER RESULTS


New Iberia, LA - (Business Wire) - May 14, 2001-- UNIFAB International, Inc.
(NASDAQ: UFAB) today reported net loss of $1,603,000 ($0.20 per share, basic and
diluted) on revenue of $21.7 million for the three months ended March 31, 2001,
compared to net loss of $1,862,000 ($0.27 per share, basic and diluted) on
revenue of $17.3 million for the three months ended March 31, 2000. Depreciation
and amortization for the quarter was $848,000 compared to $669,000 in the March
quarter last year. The Company reported backlog of approximately $32.1 million
at March 31, 2001.

"Our March quarter revenues increased over the same quarter last year which
reflects an increase in the activity level over a year ago, but profit margins
remain low," said Dailey J. Berard, UNIFAB International, Inc. President,
Chairman and CEO. "We increased our manhours in the quarter to over 315,000, an
increase of nearly 35% over the March quarter last year. Our operating results
were negatively impacted by a $1.1 million loss reserve recorded in the quarter
associated with the completion of a liftboat at the OBI facility. In addition,
our processing equipment design and fabrication facility is not yet operating at
a capacity that allows it to fully absorb facility costs."

"Our operating results were not sufficient to maintain compliance with the
financial covenants of our credit agreement and as a result we have reclassified
all of the amounts outstanding under the agreement as a current liability.
However, we are working to replace the credit facility over the next two or
three months and our lenders are cooperating with us in that effort. We continue
to believe that our industry is recovering, although the recovery has not
occurred as quickly as we would like. We remain focused on new products, new
customers, and new relationships to help us increase our operations and
profitability."

UNIFAB International, Inc. is an industry leader in the custom fabrication of
topside facilities, equipment modules and other structures used in the
development and production of oil and gas reserves. In addition, the Company
designs and manufactures specialized process systems, refurbishes and retrofits
existing jackets and decks, provides design, repair, refurbishment and
conversion services for oil and gas drilling rigs and performs offshore piping
hook-up and platform maintenance services. Dailey Berard serves as a
commissioner on a number of committees and task forces that are working to
improve training and education of the workforce in Louisiana.

Statements made in this news release regarding UNIFAB's expectations as to
future operations of the Company and other statements included herein that are
not statements of historical fact are forward-looking statements that depend
upon the following factors, among others: continued demand for the services
provided by UNIFAB, availability of skilled employees, and UNIFAB's ability to
integrate and manage acquired businesses. Should any of these factors not
continue as anticipated, actual results and plans could differ materially from
those expressed in the forward-looking statements.