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Todd Shipyards Corporation Announces U.S. Navy Modification of Contract Award on Overhaul and Dry-docking 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...October 16, 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" or the "Company"), a $4,815,502
modification to previously awarded contract N00024-00-C-4152. This modification
represents an increase to the previously exercised option for the Docking Planned
Incremental Availability ("DPIA") for USS ABRAHAM LINCOLN (CVN-72), at Puget Sound
Naval Shipyard which commenced on September 5, 2006 and is expected to be completed
March 15, 2007. This increase is in addition to two prior increase modifications:
$10,949,272 announced on August 14, 2006, and $5,247,214 announced on September
26, 2006, for repairs to CVN-72. Today's modification represents the authorization
of additional repairs during the dry-dock and pier side maintenance, repairs and
alterations of various ships systems and equipment throughout the aircraft carrier
USS ABRAHAM LINCOLN. The cumulative value of this and all other contract
modifications awarded to Todd to date to perform work in support of this DPIA is
$27,022,978 before any fee determination.
Todd's work in support of 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 Shipyards Corporation has operated a shipyard in Seattle since 1916.
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