Todd Pacific Shipyards Corporation Signs Design Agreement With Washington State Ferries

Seattle, WA - Todd Shipyards Corporation announced that its wholly owned subsidiary, Todd Pacific Shipyards Corporation ("Todd"), has signed a contract with the Washington State Ferries, a division of the Washington State Transportation Department ("WSF"), for the design phase of the project to build up to four 144-Auto Ferries. The design contract is a firm fixed price contract for $2,369,561 with a duration of nine months. Once the design is completed the parties will negotiate the price and delivery schedule for construction of the ferries. Washington State has previously budgeted $342M for the construction of the four ferries.

Todd is teamed with J.M. Martinac Shipbuilding Corp. ("Martinac") as its major subcontractor. The teaming arrangement is the result of legislation passed by the Washington State Legislature earlier this year. A bill (SHB 2378) approved by the Washington State Legislature and signed into law by Governor Chris Gregoire earlier this year created a 30-day period during which "pre-qualified" and "best-qualified" shipyards could seek to come to agreement on a Joint Single Proposal for the construction of four new 144-Auto Ferries for WSF. The discussions, which were moderated by the Governor's Office, concluded with an agreement to submit a proposal.

Martinac has been designing and building boats since 1924 at its facilities in Tacoma, WA. Todd performs repair and maintenance work on commercial and federal government vessels 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 System, and various other commercial and governmental customers. Todd has operated a shipyard in Seattle since 1916.

SOURCE: Todd Shipyards Corporation