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Exhibit 99.2

                           UNIFAB INTERNATIONAL, INC.
                          ANNOUNCES MIDLAND INVESTMENT

      New Iberia, LA - (Business Wire) - August 2, 2002; UNIFAB International,
Inc. (NASDAQ: UFAB) and Midland Fabricators and Process Systems, L.L.C., jointly
announced today that they have scheduled a closing of Midland's investment in
UNIFAB, for Tuesday, August 13, 2002. The transaction was first publicly
announced at the end of April. Upon closing, Midland will acquire a 90% interest
in UNIFAB in exchange for $10 million currently outstanding on UNIFAB's senior
secured credit facility. Midland will also convert the remaining amount
outstanding under UNIFAB's senior secured credit facility, approximately $12.6
million, into a secured subordinated debenture due in 2007. Midland will also
guarantee a new $7 million senior secured line of credit for UNIFAB.
      The NASDAQ SmallCap Market, on which UNIFAB's common stock is traded, has
granted a waiver of its shareholder approval requirement to allow UNIFAB and
Midland to close the transaction on August 13, 2002, based upon a finding by
UNIFAB's Board of Directors that a prompt closing is in the best interests of
UNIFAB and its shareholders. "We are excited about closing this transaction next
week. It substantially improves our overall balance sheet and particularly our
working capital and financial foundation. We hope that our increased financial
strength and liquidity, together with the new depth of management that Midland
is bringing to our Company, who are all well respected in our industry, will
allow UNIFAB to strongly compete again in the offshore fabrication business,"
said Peter Roman, the interim Chief Executive Officer and Chief Financial
Officer of UNIFAB.
      Midland is a company owned by William A. Hines and his family. Mr. Hines,
who was a Director of UNIFAB from 1998 until March 2001, has extensive
experience in the oil field service industry, and currently owns a number of oil
field service related companies. After the closing, Mr. Hines will serve the
Company as Chairman of the Board. Mr. Allen C. Porter, Jr., one of the founders
of Allen Tank, Inc., will be the President and Chief Executive Officer of UNIFAB
International, Inc. and, President of Allen Process Systems, LLC. Mr. William
Downey, formerly a Vice President and Chief Operating Officer of Gulf Island
Fabricators, Inc., will be the Executive Vice President and Chief Operating
Officer of UNIFAB International, Inc. and President of Universal Fabricators,
LLC.
      At the closing, UNIFAB will issue 738 shares of its preferred stock to
Midland in exchange for the cancellation of $10 million outstanding under
UNIFAB's senior secured credit facility. Simultaneously, Midland will exchange
the remaining amount outstanding under UNIFAB's senior secured credit facility
for a secured subordinated debenture in the approximate amount of $12.6 million.
The UNIFAB preferred stock issued to Midland will be converted into a total of
73,800,000 shares of UNIFAB common stock when additional shares of common stock
become authorized. Midland's secured subordinated debenture will be convertible,
at Midland's option, into UNIFAB common stock at a price of $0.35 per share.
      As of the closing, Mr. Charles Broussard will resign from UNIFAB's Board
of Directors. Mr. George Yax and Mr. Perry Segura will remain on the Board. Mr.
Hines will join the Board as Chairman, and Mr. Donald Moore, formerly the
Managing Partner of the New Orleans office of Ernst & Young, LLC, Mr. Allen C.
Porter, Jr., Mr. William Downey and Mr. Frank Cangelosi, Midland's Chief
Financial Officer, will also serve on the Board. All directors will serve until
the 2002 annual meeting of shareholders.
      "Midland is very pleased that this transaction will close soon. We look
forward to working with UNIFAB's customers, vendors, employees and management,
and hope to bring stability and value to the Company. We are committed to
maintaining UNIFAB's world-recognized reputation for quality construction and
workplace safety. We are very hopeful that we can help bring value to UNIFAB's
shareholders," said Mr. Hines.
      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. 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.
      Statements made in this news release regarding UNIFAB's expectations as to
its future operations of UNIFAB and other statements included herein that are
not statements of historical fact are forward-

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looking statements that depend upon the following factors, among others:
continued demand for the services provided by UNIFAB and availability of skilled
employees. Should any of these factors not continue as anticipated, actual
results and plans could differ materially from those expressed in the
forward-looking statements.