December 16, 2004

Todd to get third Seattle dry dock

Todd Shipyards Corporation (NYSE:TOD) announced today that its wholly owned subsidiary Todd Pacific Shipyards Corporation has been notified that it has been awarded a five-year lease with the United States Navy for the use of the AFDM-10 Dry dock, Resolute ("Resolute").

The Resolute, which is owned by the Navy, has been operated by the Navy at Naval Station Norfolk, Virginia. Earlier this year, the Navy identified the need for additional dry dock capacity in the Puget Sound region, and issued a competitive solicitation for lease of the Resolute to all interested parties. Todd Pacific was the successful bidder. The Navy plans to move the Resolute from its current location in Virginia to the Puget Sound during the summer of 2005 where Todd Pacific will take possession and tow the Resolute to its Seattle shipyard.

The Resolute is 552 feet in length, 124 feet wide and has a lifting capacity of 18,000 tons. The Resolute has been under the custody and control of the Navy for many years and recent inspectionsindicate that it is in good condition.

The Resolute will make the journey from the east coast aboard a heavy lift ship. Once in place at Todd Pacific, the Resolute will be used to dock Navy ships (frigates and destroyers), currently homeported at Navel Station Everett, which are under a five year maintenance contract to Todd Pacific.

Additionally, the Resolute will be used by Todd Pacific to lift vessels owned by the United States Coast Guard, Washington State Ferries and a variety of commercial customers, including those in the tug, barge and fishing industries.

Todd Pacific currently operates two dry docks at its facility, the Emerald Sea with a capacity of 40,000 tons and the Navy owned YFD-70 with a capacity of 17,500 tons. It previously had three drydocks at the facility until October 2003 when another Navy owned dock was lost in a storm,

Todd Pacific performs a substantial amount of repair and maintenance work on commercial and federal government vessels engaged in activities in the Pacific Northwest. Its customers include the U.S. Navy, the U.S. Coast Guard, the Washington State Ferry system, the Alaska Marine Highway system, and other government units, plus cruise ships, U.S. flag cargo carriers, fishing boats, tankers, tugs and barges.

Todd Shipyards Corporation has operated a shipyard in Seattle since 1916.


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