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Todd Shipyards Corporation U.S. Coast Guard Exercise of Option
on Overhaul of USCGC Polar Sea (WAGB-11)
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Via Facsimile
Total Pages - 1
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Contact: Hilary Pickerel
Shareholder Relations
206-623-1635 Ext. 106
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SEATTLE, WASHINGTON...September 15, 2005...
Todd Shipyards Corporation (NYSE:TOD) announced today that the U.S. Coast Guard
has awarded to its wholly owned subsidiary, Todd Pacific Shipyards Corporation
("Todd Pacific"), a $7,244,212 modification to previously awarded contract
HSCG85-04-C-625509 in support of repairs and alterations performed during the
Planned Maintenance Availability ("PMA") of the icebreaker USCG Polar Sea (WAGB-11). The contract modification provides for the alteration and repair of ship’s systems, engines and shipboard equipment. The work will be accomplished at Todd Pacific’s shipyard in Seattle beginning immediately and is expected to be completed in February 2006.
The PMA of the Polar Sea is being performed pursuant to the Company’s
five-year Multi-Ship Multi-Option ("MSMO") contract with the Coast Guard for the
overhaul and continued maintenance of the two Polar Class Icebreakers stationed
at Seattle, Washington. The cost-type contract was awarded to Todd Pacific in
2004.
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, NOAA and various other
commercial and governmental customers. Todd Shipyards has operated a
shipyard in Seattle since 1916.
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