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Todd Shipyards Corporation Announces U.S. Navy Exercise of Option On Overhaul and
Drydocking of USS ABRAHAM LINCOLN (CVN-72)
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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...August 14, 2006... 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 $10,949,272 modification to
previously awarded contract N00024-00-C-4152. This modification represents the
exercise of an option for the Docking Planned Incremental Availability ("DPIA") for USS
ABRAHAM LINCOLN (CVN- 72) ("Lincoln"), at Puget Sound Naval Shipyard commencing on September
5, 2006 and is expected to be completed March 15, 2007. Todd Pacific's workforce will
perform pier side maintenance, repairs and alterations of various ships systems and equipment
throughout the Lincoln.
The DPIA of the Lincoln 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 DPIA 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 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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