October 14, 2004

$9.7 million Navy contract for Todd Pacific

Todd Pacific Shipyards Corporation says it has been notified that it has been awarded a contract with the Navy to accomplish preservation (blast and paint) of various bilges, tanks and the exterior hull on the USS COLUMBUS, a Los Angeles Class nuclear submarine (SSN-762). The work will be accomplished in drydock at the Puget Sound Naval Shipyard in Bremerton, Washington. The availability will commence October 15, 2004 and will be completed by May 31, 2005.

Todd Pacific's work will be performed under a firm fixed price contract which was awarded as a delivery order pursuant to the company's ongoing Multiple Award Contract ("MAC") with the Navy. The contract was competitively bid and was awarded on a best value basis. The award value is $9,737,934. Todd Pacific will be supported by its subcontractor, IMIA, LLC, a division of Earl Industries of Portsmouth, Virginia.

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