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Todd Shipyards Corporation Announces Award of Contract to Overhaul USNS Salvor (T-ARS 52)
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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...January 22, 2007...Todd Shipyards Corporation
(NYSE:TOD) announced today its wholly owned subsidiary, Todd Pacific Shipyards
Corporation ("Todd Pacific") was awarded a contract (Contract No. N40442-07-C-4002)
by the Military Sealift Fleet Support Command to perform transfer availability
work on the rescue and salvage ship USNS Salvor (T-ARS 52) ("Salvor"). The
overhaul and repair includes various alterations affecting main propulsion diesel
engines, communication and navigation systems, habitability and furniture modifications.
The Salvor was transferred from the United States Navy to Military Sealift
Command on January 12, 2007 and many of the modifications are designed to
accommodate the civil service mariners who replaced the active Navy crew.
The Salvor is expected to arrive at Todd's Seattle shipyard on February 13, 2007
and is scheduled to be completed in April 2007. The firm fixed priced contract award
is $5,230,389 and includes options, which, if exercised, would bring the total
contract value to $7,777,853.
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, Military Sealift Command, MARAD, 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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