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Todd Shipyards Corporation Announces U.S. Navy Award of Five Year Overhaul Contract on Aircraft Carriers
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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...April 1, 2004... Todd Pacific Shipyards Corporation ("Todd Pacific"
or the "Company") announced today that it has been awarded a five-year contract with the
United States Navy ("Navy") to provide long-term overhaul and maintenance to the NIMITZ
CLASS aircraft carriers (CVN) homeported in Puget Sound. The contract consists of multiple contract
options for planned incremental availabilities (PIA's), docking planned incremental availabilities (DPIA's)
and continuous maintenance and upkeep for the USS LINCOLN (CVN-72), USS STENNIS (CVN-74), USS
NIMITZ (CVN-68) and USS VINSON (CVN-70) when they are in Puget Sound. The work to be performed
includes all types of non-nuclear ship repair, alteration and maintenance. All on-board work will be
accomplished by the Todd Pacific workforce at Puget Sound Naval Shipyard in Bremerton, Washington, or
Naval Station Everett.
The work will be performed under a cost-plus-award-fee-with-performance-incentive-fee contract
and represents the second contract for aircraft carrier maintenance awarded to Todd Pacific. The first
such contract, recently expired, was awarded in 1999. Todd Pacific will be supported in
this effort by various regional suppliers and subcontractors. Significant support will be provided
by the Company's two teaming partners for this contract, Pacific Ship Repair and Fabrication ("PacShip")
and AMSEC LLC ("AMSEC").
The first significant availability is a DPIA on the USS STENNIS currently scheduled to begin in
February 2005. In the interim, Todd Pacific will continue to provide maintenance and upkeep on the
aircraft carriers in Puget Sound as directed by the customer. The estimated total value of all options, if
exercised by the Navy, is approximately $133 million. There is no assurance that all options will
be exercised, in whole or in part.
Todd Pacific is a 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 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 employs more than 800 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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