Todd Pacific Shipyards Corporation Announces Contract with United States Navy for Maintenance Work on the USS Columbus Submarine SSN-762.SEATTLE -- Todd Pacific Shipyards Todd Pacific Shipyards Corporation was founded in 1916 as the William H. Todd Corporation through the merger of Robins Dry Dock & Repair Company of Erie Basin, Brooklyn, New York, the Tietjen & Long Dry Dock Company of Hoboken, New Jersey, and the Seattle Construction & Dry Dock Corporation ("Todd Pacific" or the "Company") announced today that it has been notified that it has been awarded a contract with the United States Navy United States Navy Major branch of the U.S. military forces, charged with defending the nation at sea and maintaining security on the seas wherever U.S. interests extend. The Continental Navy was established by the Continental Congress in 1775. ("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 IMIA International Medical Informatics Association IMIA Indonesian Muslim Intellectuals Association , LLC, a division of Earl Industries of Portsmouth, Virginia. Todd Pacific is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Todd Shipyards Corporation (NYSE NYSE See: New York Stock Exchange :TOD). The company performs a substantial amount of repair and maintenance work on commercial and federal government vessels engaged in various seagoing trade activities in the Pacific Northwest. Its customers include the U.S. Navy, the U.S. Coast Guard, the Washington State Ferry system, the Alaska Marine Highway The Alaska Marine Highway or the Alaska Marine Highway System (AMHS) is a ferry service operated by the government of the U.S. state of Alaska. The Alaska Marine Highway System operates along the southcentral coast of the state, the eastern Aleutian islands and the system, and other government units, plus cruise ships, U.S. flag cargo carriers, fishing boats, tankers, tugs and barges. Todd has operated a shipyard in Seattle since 1916 and has extensive operations at the Puget Sound Naval Shipyard in Bremerton, Washington where it supports the overhaul and maintenance of nuclear aircraft carriers and submarines for the United States Navy. |
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