September 16, 2006
Icebreaker contract for Todd
Todd Shipyards Corporation (NYSE:TOD - News) says that the U.S. Coast Guard has awarded its wholly owned subsidiary, Todd Pacific Shipyards Corporation, a $7,244,212 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 USCG Polar Sea (WAGB-11). The contract modification provides for the alteration and repair of 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 completed in February 2006.
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.