<PAGE>   1
                                                                    Exhibit 99.1
NEWS RELEASE

For further information contact:

Dailey J. Berard                                         Pete Roman
Chief Executive Officer                                  Chief Financial Officer
(318) 367-8291                                           (318) 373-5506

================================================================================

FOR IMMEDIATE RELEASE
Friday, February 12, 1999


                           UNIFAB INTERNATIONAL, INC.
                         REPORTS THIRD QUARTER EARNINGS

New Iberia, LA - (Business Wire) - February 12, 1999 -- UNIFAB International,
Inc. (NASDAQ: UFAB) today reported net income increased to $1.68 million ($.28
per share) on revenue of $23.5 million for its third quarter ended December 31,
1998, compared to net income of $1.66 million ($.28 per share) on revenue of
$21.2 million for the third quarter ended December 31, 1997. Net income for the
nine months ended December 31, 1998 increased to $6.5 million ($1.10 per share)
on revenue of $83.7 million, compared to net income of $5.6 million ($1.15 per
share) on revenue of $81.5 million for the nine months ended December 31, 1997.
Backlog at December 31, 1998 was approximately $25 million. Operating results
for the nine months ended December 31, 1998 include acquisition expenses of
$275,000 and a one time charge of $525,000 related to the cumulative deferred
income taxes resulting from the acquisition of Allen Tank, Inc.

Pro forma net income for the nine months ended December 31, 1998 increased to
$6.1 million ($1.03 per share) from pro forma net income of $4.9 million ($1.00
per share) for the same period in 1997. Pro forma net income consists of the
Company's historical net income, adjusted to reflect income taxes as if Allen
Tank, Inc. had operated as a C Corporation for all periods. This calculation
excludes the one time charge of $525,000 related to the cumulative deferred
income taxes resulting from the conversion to a C Corporation on July 24, 1998.

"UNIFAB continues to expand capabilities and enhance performance," notes Dailey
J. Berard, UNIFAB International, Inc.'s President, CEO, and Chairman of the
Board. "Our results reflect continued growth, in particular in our core
fabrication and process system businesses. Our offshore maintenance and service
operations also increased revenue over last year. The lower activity level in
the December quarter, which is normal in the industry, allowed us to emphasize
important programs such as safety and equipment upgrade and maintenance, which
will pay benefits in the long run. While bidding activity is good, this market
is very competitive, which puts pressure on contract margins. Backlog has
decreased since last quarter, but recent awards have put it back in line with
historical amounts. Although our deep water facility in Lake Charles is
developing slower than we expected, we are optimistic that it will be the
Company's cornerstone in the future, and will allow us to offer world-class
capabilities in concert with UNIFAB service. By drawing on the capabilities of
the Allen Process Systems international marketing team, we have broadened our
focus and increased international marketing of our Total Project Capabilities.
We remain aggressive seeking growth opportunities through acquisition, as well
as through facilities enhancements."

UNIFAB International, Inc. is an industry leader in the custom fabrication of
topsides facilities, equipment modules and other structures used in the
development and production of oil and gas reserves.



<PAGE>   2


In addition, the Company designs and manufactures specialized process systems,
refurbishes and retrofits existing jackets and decks, provides 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.