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Todd Shipyards Corporation Announces Second Lease with Kiewit-General to Provide
Additional Facility Support on Hood Canal Bridge Construction Project
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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...April 28, 2006...
Todd Shipyards Corporation (NYSE:TOD) announced today that its wholly owned
subsidiary, Todd Pacific Shipyards Corporation ("Todd Pacific" or the "Company"), has
entered into a second lease arrangement with Kiewit-General of Poulsbo, Washington.
Kiewit-General is under contract with the Washington State Department of Transportation
as the prime contractor for the replacement of the eastern half of the Hood Canal
Bridge in Kitsap County, Washington (the "Bridge"). Under the terms of the
lease option exercised by Kiewit-General, a portion of Todd Pacific's Harbor
Island facility in Seattle will be utilized by Kiewit-General for the construction
of the bridge anchors for the new section of the Bridge. It is anticipated that
site preparation at the shipyard will be completed in September 2006 with anchor
construction beginning in October 2006 and completing in July 2007. Todd Pacific
anticipates that it will be able to sufficiently accommodate its ship repair,
new construction and industrial services customers' demands during the duration of
the lease.
Todd Pacific believes the lease will generate approximately $3.5 million in gross
rental income for the Company between August 2006 and July 2007. Todd had previously
announced, on January 9, 2006, the exercise by Kiewit-General of an option to lease
approximately one acre of the Company's 28 acres and portions of one of its five
piers for the assembly and outfitting of the draw span pontoons and storage of
several of the pontoon sections that will eventually comprise the eastern half of
the replacement Bridge.
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 and provides new construction and industrial
services to a variety of customers. Its customers include the U.S. Navy, the U.S.
Coast Guard, NOAA, the Washington State Ferry system and various other commercial
and governmental customers. Todd Shipyards Corporation has operated a shipyard
in Seattle since 1916.
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