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Todd Shipyards Corporation Announces Award of United States Coast Guard Option on Overhaul and Dry-docking of USCGC HEALY (WAGB-20)
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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 17, 2006...Todd Shipyards Corporation (NYSE:TOD)
announced today that the United States Coast Guard has awarded to its wholly owned
subsidiary, Todd Pacific Shipyards Corporation ("Todd Pacific" or "Company"), an option
under the multi-year maintenance contract on the icebreaker USCGC Healy (WAGB-20)
("Healy"). The award is for a firm fixed-price contract that will be in effect
from November 2006 to January 2007 (Contract No. HSCG85-05-C-625306). It provides for
the triennial dry-docking maintenance of the Healy and is to be accomplished at
Todd Pacific's Seattle shipyard. The Company estimates the value of the contract to
be $7,304,243. The award represents the authorization of repairs during the
dry-dock and pier side maintenance of various ships systems and equipment throughout
the cutter Healy.
Todd's work in support of the triennial dry-docking of the Healy is being
performed pursuant to the Company's five-year multi-option firm fixed-price
supply contract with the United States Coast Guard for the overhaul and continued
maintenance of the cutter stationed at the United States Coast Guard Integrated
Support Center in Seattle, Washington. The Healy was placed in service in
2000 and is the newest icebreaker in the United States Coast Guard fleet.
The contract was originally awarded to Todd Pacific in September 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 Shipyards Corporation has operated a shipyard in Seattle since 1916.
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