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Todd Shipyards Corporation Announces U.S. Navy
Modification of Surface Combatant Contract
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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 20, 2005...
Todd Shipyards Corporation (NYSE:TOD) announced today that the U.S. Navy (“Navy”)
has awarded to its wholly owned subsidiary, Todd Pacific Shipyards Corporation
("Todd Pacific"), a modification to previously awarded contract N00024-00-C-8514
in support of repairs and alterations performed during the Selected Restricted
Availabilities ("SRA’s"), the Docking Selected Restricted Availabilities
("DSRA’s"), and the Continuous Maintenance Availabilities (“CMA’s”) of the surface
combatants (frigates and destroyers) stationed at Naval Station Everett.
This modification extends by approximately five years the Company’s Combatant
Maintenance Team Contract (“CMT”) originally awarded to Todd Pacific by the Navy in
2000. This modification also provides for a cost-plus-award-fee contract.
Todd Pacific will continue to act as the prime contractor and lead a team of
subcontractors who may perform as much as half of the work. The work will be
accomplished in Todd Pacific’s shipyard located on Seattle’s Harbor Island
and pier-side within Naval Station Everett.
Work under this modified contract will be performed at the option of the
Navy, which has not established a dollar value for the work. Todd Pacific
estimates the value may be in the range of $75 million over five years, if
all options are exercised. There is no assurance that all options will be
exercised, in whole or in part.
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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