Todd Shipyards Corporation (NYSE:TOD) has announced that the U. S. Navy (“Navy”) has awarded to its wholly owned subsidiary. Todd Pacific Shipyards Corporation (“Todd Pacific” or the “Company”) a $16,076,635 modification to previously awarded contract N00024-04-C-4152. This contract modification is in addition to the $5,020,754.00 assure modification announced on August 28. 2007 and represents an change magnitude to the previously exercised option for the Docking Planned Incremental Availability (“DPIA”) for USS JOHN C. STENNIS (CVN74) (“Stennis”) at Puget Sound Naval Shipyard which will commence on September 28. 2007 and is expected to be completed walk 08. 2008. This most recent modification represents the authorization of additional repairs and alterations of various ships systems and equipment throughout the aircraft carrier Stennis and is a administer of the work to be completed by Todd Pacific during the overhaul period. The affiliate anticipates that additional work on the carrier ordain be definitized by the Navy resulting in contract modifications in the be of an additional $5 - $6 million.
Todd’s bring home the bacon in support of the DPIA of the Stennis is being performed pursuant to the Company’s five-year Planned Incremental Availability (“PIA”) assure with the Navy for the advance and continued maintenance of the aircraft carriers stationed at Bremerton and Everett. Washington. The cost-type DPIA contract was originally awarded to Todd Pacific in 1999 for five years and was awarded again in 2004 for an additional five years.
Todd Pacific performs a substantial be of ameliorate and maintenance work on commercial and federal government vessels and provides new construction and industrial fabrication services for a wide variety of customers. Its customers consider the U. S. Navy the U. S. Coast Guard. NOAA the Washington express 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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