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January 30 2004

Todd Pacific gets submarine work from EB

Todd Pacific Shipyards Corporation reports that it has entered into a contract with General Dynamics Electric Boat Corporation of Groton, Connecticut to support its work on Trident submarines. During the period from May to September 2003, Todd Pacific completed planning and preparation work for Electric Boat under a contract valued at less than $200,000. Todd Pacific has begun work on a follow-on contract to fabricate components and to accomplish associated steel outfitting, project management and quality assurance functions. This contract is associated with the refit work being accomplished by Electric Boat on the USS OHIO (SSBN 726) at the Puget Sound Naval Shipyard.

Last month, Electric Boat Corp. was awarded a cost plus incentive fee contract worth $222 million for the conversion of the first Ohio Class Guided Missile Submarine (SSGN), USS Ohio (SSGN 726), and for Long Lead Time Material (LLTM) and Conversion Installation Planning for the Conversion of Ohio Class Ballistic Missile Submarines (SSBNs), the USS Michigan (SSBN 727) and the USS Georgia (SSBN 729), to SSGN 727 and SSGN 729.

On completion of their conversions, the SSGNs will be able to carry up to 154 Tomahawk missiles and to function as the host platform for 66 special operations forces (SOF).

Todd Pacific's work is being performed under a cost plus incentive fee contract with Electric Boat for fabrication work, and a firm fixed price contract for the associated project management and quality assurance work. The total value of these contracts is approximately $5.3 million and the work is scheduled to be completed in May 2004. Todd Pacific has been requested to provide pricing estimates for a second shipset of components to be fabricated in late 2004 completing in 2005. Todd Pacific intends to pursue this additional opportunity, however, it cautions that there is no assurance it will be awarded all or part of this additional work.

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