April 9, 2010
Todd awarded $6.5 million more for carrier repairs
Todd Shipyards Corporation (NYSE: TOD ) reports that the U.S. Navy has awarded its Todd Pacific Shipyards subsidiary a $6,521,695 contract modification that exercises an option for the Planned Incremental Availability (PIA) for USS JOHN C. STENNIS (CVN74) at Puget Sound Naval Shipyard, which will commence on May 17, 2010 and is expected to be completed November 17, 2010. The modification authorizes additional repairs and alterations of various ship's systems and equipment throughout the aircraft carrier and is a portion of the work to be completed by Todd Pacific during the overhaul period. Todd anticipates that additional work on the carrier will be defined by the Navy, resulting in total contract modifications in the range of $21-24 million.
Todd's work in support of the PIA of the Stennis is being performed under a five-year Multi-Ship Multi-Option ("MSMO") contract with the Navy for the overhaul and continued maintenance of the aircraft carriers stationed at Bremerton and Everett, Washington.