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Todd Shipyards Corporation Announces U.S. Navy Exercise of Option on Overhaul of USS Momsen (DDG-92)
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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 9, 2007...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 $2.6 million
modification (approximate) 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
Momsen (DDG-92) ("Momsen"). Work will be performed at Naval Station Everett
commencing April 25, 2007 and is expected to be completed July 18, 2007.
The overhaul of the Momsen 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, 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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