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Todd Shipyards Corporation Announces Teaming Arrangement With Bath Iron Works on Aegis Destroyer Overhaul Options
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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...February 6, 2004... Todd Pacific Shipyards Corporation ("Todd
Pacific" or the "Company") confirmed today its expected participation, along with Southwest
Marine, Inc., San Diego Division, on the team lead by Bath Iron Works, a subsidiary of General
Dynamics (NYSE:GD) to perform Post Shakedown Availability work ("PSA") on DDG-51 Aegis
Destroyers ("Destroyers"). The U.S. Navy contract For this work, which was awarded to Bath
Iron Works, includes options For PSA work to be accomplished in Navy homeports of Everett,
Washington and Pearl Harbor, HI.
Todd Pacific's expected participation will include the performance of the PSA work on between
one and three Destroyers that are expected to be homeported in Everett, Washington. The first
option, If exercised by the Navy, is anticipated to require work in the first quarter of calendar
2005 and would have a value of approximately $9 million. Any work that the Company performs
For Bath Iron Works will be accomplished under a cost-plus-award-fee subcontract still to be
finalized between Bath Iron Works and Todd Pacific. If the Navy stations the second and third
Destroyers at Everett and exercises options For PSA work on those ships, the anticipated contract
value to Todd For its expected work on all three ships will be approximately $30 million between
2005 and 2007. The PSA work primarily involves the installation of system and equipment upgrades
and/or ship alterations as required.
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 and military 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.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Statements contained in this release which are not historical facts or information are
"forward-looking statements." Words such as "believe," "expect," "intend," "will," "should,",
"anticipate", and other expressions that indicate future events and trends identify such
forward-looking statements. These forward-looking statements involve risks and uncertainties
which could cause the outcome to be materially different than stated. Such risks and uncertainties
include both general economic risks and uncertainties and matters discussed in the Company's
annual report on Form 10-K which relate directly to the Company's operations and properties.
The Company cautions that any forward-looking statement reflects only the belief of the Company
or its management at the time the statement was made. Although the Company believes such
forward-looking statements are based upon reasonable assumptions, such assumptions may ultimately
prove to be inaccurate or incomplete. The Company undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after the date on which the statement
was made.
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