Todd Shipyards Corporation Announces Award of Contract to Overhaul USNS Salvor (T-ARS 52).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 (Contract No. N40442-07-C-4002) by the Military Sealift Fleet Support Command Military Sealift Fleet Support Command, or MSFSC, is a subordinate command of Military Sealift Command and is a single Type Commander execution command having worldwide responsibility to crew, train, equip and maintain MSC government-owned, government-operated ships. to perform transfer availability work on the rescue and salvage ship Rescue and salvage ships in the United States Navy were common during World War II. Their purpose was to come to the rescue of stricken ships, usually because of their towing ability, and to tow away ships damaged because of enemy action or engine failure. References USNS Salvor sal·vor n. 1. One who salvages or assists in salvaging a ship or its cargo. 2. A ship used in salvage. [salv(age) + -or1.] Noun 1. (T-ARS 52) ("Salvor"). The overhaul and repair includes various alterations affecting main propulsion diesel engines, communication and navigation systems, habitability and furniture modifications. The Salvor was transferred from the United States Navy to Military Sealift Command on January 12, 2007 and many of the modifications are designed to accommodate the civil service mariners who replaced the active Navy crew. The Salvor is expected to arrive at Todd's Seattle shipyard on February 13, 2007 and is scheduled to be completed in April 2007. The firm fixed priced contract award is $5,230,389 and includes options, which, if exercised, would bring the total contract value to $7,777,853. 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, Military Sealift Command, MARAD, NOAA, the Washington State Ferry system, the Alaska Marine Highway System, and various other commercial and governmental customers. Todd Shipyards Corporation has operated a shipyard in Seattle since 1916. |
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