The weather warnings come on the heels of an incident that saw two staff members at the Hibernia installation almost swept off the platform due to high waves.
Models varied leading up to the weekend on the exact path Gonzalo would take as it moves from the Bermuda region to Canadian waters.
However, forecasters with the Canadian Hurricane Centre said Friday very high winds were expected on the Grand Banks, with wave heights predicted between 12 and 15 metres.
Meteorologist Chris Fogarty said the waves could even reach the top of oil installations like Hibernia.
The Hibernia Management and Development Company is in the process of developing new safety measures, following the incident in September when four workers were on the GBS roof slab of the installation when high waves hit.
Two of those men were knocked off their feet, and nearly swept into the Atlantic Ocean.
The latest projections have Gonzalo arriving in the Newfoundland region early on Sunday morning, somewhere between 3 and 6 a.m.
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