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August 26, 2008

Todd Pacific gets aircraft carrier maintenance contract

Todd Shipyards Corporation (NYSE:TOD) reports that its Todd Pacific Shipyards Corporation subsidiary has been awarded a contract by the Navy to provide long-term overhaul and maintenance to the Nimitz Class aircraft carriers (CVN) homeported or assigned for maintenance in Puget Sound.

The contract consists of multiple contract options for planned incremental availabilities (PIA's) and docking planned incremental availabilities (dPIA's) for the USS LINCOLN (CVN 72), USS STENNIS (CVN 74), USS NIMITZ (CVN 68), and the USS REAGAN (CVN 76). The availabilities extend through the last PIA and dPIA ending in 2013.

Work to be performed includes non-nuclear ship repair, alteration and maintenance and will be performed by the Todd Pacific workforce or Todd Pacific's subcontractors at the Puget Sound Naval Shipyard in Bremerton, Washington, the Naval Station in Everett, Washington, or Todd Pacific's shipyard in Seattle, Washington.

The work will be performed under a cost-plus-award-fee contract and represents the third such contract for aircraft carrier maintenance awarded to Todd Pacific. The first contract was awarded in 1999 and the second in 2004. Todd Pacific will be supported in this effort by various regional suppliers and subcontractors.

The total value of all options, if exercised by the Navy, is not determinable until the work under each option is defined. There is no assurance that all options will be exercised, in whole or in part.


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