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Todd Shipyards Corporation Announces Contract With Electric Boat to Assist On Submarine Conversion
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Via Facsimile
Total Pages - 1
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Contact: Summer O'Connor
Shareholder Relations
206-623-1635 Ext. 106
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SEATTLE, WASHINGTON...January 29, 2004... Todd Pacific Shipyards Corporation ("Todd
Pacific" or the "Company") announced today that it has entered into a contract with
Electric Boat Corporation of Groton, Connecticut ("Electric Boat") to support their work
on Trident submarines. During the period from May to September 2003, Todd Pacific completed planning
and preparation work For Electric Boat under a contract valued at less than $200,000. Todd
Pacific has begun work on a follow-on contract to fabricate components and to accomplish
associated steel outfitting, project management and quality assurance functions. This contract
is associated with the refit work being accomplished by Electric Boat on the USS OHIO (SSBN 726)
at the Puget Sound Naval Shipyard.
Todd Pacific's work is being performed under a cost plus incentive fee contract with Electric Boat
For fabrication work, and a firm fixed price contract For the associated project management and quality
assurance work. The total value of these contracts is approximately $5.3 million and the
work is scheduled to be completed in May 2004. Todd Pacific has been requested to provide pricing
estimates For a second shipset of components to be fabricated in late 2004 completing in 2005. Todd
Pacific intends to pursue this additional opportunity, however there is no assurance that Todd Pacific will
be awarded all or part of this additional work.
Todd Pacific is the wholly owned subsidiary of Todd Shipyards Corporation (NYSE symbol TOD).
The company performs a substantial amount of repair and maintenance work on commercial and
federal government vessels engaged in various seagoing trade activities in the Pacific Northwest.
Its customers include the U.S. Navy, the U.S. Coast Guard, the Washington State Ferry system,
the Alaska Marine Highway system, and other government units, plus cruise ships, U.S. flag
cargo carriers, fishing boats, tankers, tugs and barges.
Todd has operated a shipyard in Seattle since 1916 and currently employees more than 850 people.
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