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Todd Pacific Shipyards Corporation Announces U.S. Navy Exercise of Option on Overhaul and Drydocking of USS John C. Stennis (CVN-74)
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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...March 25, 2005... Todd Shipyards Corporation (NYSE:TOD) announced
today that the U.S. Navy has awarded to its wholly owned subsidiary, Todd Pacific Shipyards
Corporation ("Todd Pacific" or the "Company"), a $11,966,707 modification to previously awarded
contract N00024-04-C-4152 in support of repairs and alterations performed during the Dry-Docked
Planned Incremental Availability ("DPIA") of the USS John C. Stennis ("Stennis") aircraft
carrier (CVN-74). The contract modification, which is associated with the Navy's exercise
of an option under the contract, provides for the alteration and repair of ship's systems,
shipboard equipment and ship hull preservation. This is the third modification to the Stennis
overhaul contract. The Company had previously announced a $28,727,735 modification on February
14, 2005 and a second modification of $19,391,989 on March 16, 2005. The work will be accomplished
at the Puget Sound Naval Shipyard in Bremerton, Washington and is expected to be completed in
December 2005.
The DPIA of the Stennis is being performed pursuant to the Company's five-year Planned Incremental
Availability ("PIA") contract with the Navy for the overhaul and continued maintenance of the
aircraft carriers stationed at Bremerton and Everett, Washington. The cost-type PIA contract
was originally awarded to Todd Pacific in 1999 for five years and was awarded again in 2004
for an additional five years.
Todd Pacific 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 and
various other commercial and governmental customers. Todd has operated a shipyard in Seattle
since 1916.
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