Todd Shipyards Corporation Announces Award of Contract to Build Excavator Barge.SEATTLE -- Todd Shipyards Corporation (NYSE NYSE See: New York Stock Exchange :TOD) announced today its 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. , 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") was awarded a contract by Washington Group International/Alberici, a joint venture, under their contract with United States Army United States Army Major branch of the U.S. military forces, charged with preserving peace and security and defending the nation. The first regular U.S. fighting force, the Continental Army, was organized by the Continental Congress on June 14, 1775, to supplement local Corp of Engineers. Under the contract Todd Pacific is to construct and deliver one custom built barge ("Excavator Barge") to serve as a work platform for a deep digging excavator on the Ohio River. The Excavator Barge will be used in the construction of the Olmsted Dam, near Olmsted, Illinois. The barge will be 176 feet long with a maximum beam of 50 feet and will have a lightship weight of approximately 1087 long tons. The firm fixed priced contract award is $10,555,998. Work will be accomplished by the Todd Pacific workforce and selected subcontractors commencing in August 2006 with delivery at the Olmsted site scheduled for November 2007. Todd Pacific 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 and provides new construction and industrial fabrication services for a wide variety of customers. Its customers include the U.S. Navy, the U.S. Coast Guard, NOAA, 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 various other commercial and governmental customers. Todd Shipyards Corporation has operated a shipyard in Seattle since 1916. |
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