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Todd Pacific Shipyards Corporation Announces U.S. Coast Guard Exercise of Option on
Overhaul of USCGC Polar Sea (WAGB-11)
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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...May 22, 2007...Todd Shipyards Corporation
(NYSE:TOD) announced today that the U.S. Coast Guard has awarded to its
wholly owned subsidiary, Todd Pacific Shipyards Corporation ("Todd Pacific"),
a $7,563,868 modification to previously awarded contract HSCG85-04-C-625509
in support of repairs and alterations performed during the Planned Maintenance
Availability ("PMA") of the icebreaker USCGC Polar Sea (WAGB-11). The
contract modification provides for the alteration and repair of the
ship's systems, engines and shipboard equipment. The work will be accomplished
at Todd Pacific's shipyard in Seattle beginning immediately and is expected
to be complete in August 2007.
The PMA of the Polar Sea is being performed pursuant to the Company's
five-year Multi-Ship Multi-Option ("MSMO") contract with the Coast Guard for
the overhaul and continued maintenance of the two Polar Class Icebreakers
stationed at Seattle, Washington. The cost-type contract was awarded to
Todd Pacific in 2004.
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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