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Todd Shipyards Corporation Announces U.S. Navy Exercise of Option on Overhaul
of USS Ingraham
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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 the U.S. Navy has
awarded to its wholly owned subsidiary, Todd Pacific Shipyards Corporation
("Todd Pacific" or the "Company"), a $3.1 million modification to previously
awarded contract N00024-00-C-8514. This modification represents the exercise
of an option for pier side maintenance, repairs and alterations of various
ships systems and equipment throughout the USS Ingraham ("Ingraham"). Work
will be performed at Naval Station Everett commencing June 14, 2006 and is
expected to be completed August 16, 2006.
The overhaul of the Ingraham will be performed pursuant to the Company's
Combatant Maintenance Team ("CMT") contract with the Navy for the repair
and maintenance of surface combatant class vessels (frigates and destroyers)
stationed in the Puget Sound area. The Navy initially awarded a five year,
cost-type contract to Todd Pacific in 2000 and issued a modification adding
an additional five years to the contract in 2005.
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 fabrication services for a wide variety of customers. Its customers
include the U.S. Navy, the U.S. Coast Guard, NOAA, the Washington State Ferry
system, the Alaska Marine Highway System, and various other commercial and
governmental customers. Todd has operated a shipyard in Seattle since 1916.
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