April 24, 2009
$15.5 million Navy award for Todd Pacific
Todd Shipyards Corporation (NYSE:TOD) says that the U.S. Navy has awarded its wholly owned subsidiary, Todd Pacific Shipyards Corporation, a $15,583,506 modification to previously awarded contract N00024-08-C-4416. This modification represents the exercise of an option for the Planned Incremental Availability for USS ABRAHAM LINCOLN (CVN- 72), at Puget Sound Naval Shipyard commencing in April 2009 and is expected to be completed in November 2009. This modification exercises an option for pier side maintenance, repairs and alterations of various ships systems and equipment throughout the Lincoln.
The PIA of the Lincoln is being performed under the company's contract with the Navy for the overhaul, maintenance, repair and alterations of CVN-68 Nimitz class ships in Puget Sound. The five-year cost-plus-award-fee contract was most recently awarded to Todd in August 2008. The company had been awarded two prior five-year contracts for similar work in 1999 and again in 2004.