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Todd Shipyards News

24 Apr 2014

Brokers Marcon Conclude Ocean Deck Barge Sale

Barge HML 240-2: Photo credit Marcon International

Marcon International, Inc. of Coupeville, Washington says that Pacific Coast Maritime, Inc., Seattle, Washington, a subsidiary of Harley Marine Services, Seattle, has concluded the sale of its 240’ ABS ocean deck barge “HML 240-2” (ex-Aqua 242, MK-242, Foss 242) to Island Tug & Barge Co. also of Seattle. Marcon International explain that the 240’ x 60’x 16’ flat deck barge was originally built by Todd Shipyards Corp. of Houston, Texas for Foss Maritime in 1967, and acquired by Pacific Coast Maritime, Inc. in 2000 as the “Aqua 242”.

28 Jan 2014

Ugly Ducklings & Steaming the Way to Victory in WWII

The S.S. Patrick Henry was the first of the Emergency Class Liberty  ships to be built and launched. The  famous quote by its namesake helped to give this class of ships its name. (Photo Credit: Library of Congress)

The design and construction of WWII Liberty cargo ships revolutionized shipbuilding by overhauling the blueprint process and standardizing on commonality of parts, welding, pre-fabrication and assembly line construction. Give me Liberty, or give me death!” a rallying cry of the Revolutionary War, got a second act in World War II. “Built by the mile and chopped off by the yard,” Roosevelt promised the no-frills Liberties would form a “bridge of ships” across the Atlantic. And they did. An exaggeration perhaps, but in truth, the Liberty wasn’t much to write home about.

11 Jan 2011

Todd Shipyards Contract for USCGC Polar Star

Todd Shipyards Corp. announced that the U.S. Coast Guard has awarded to its subsidiary, Todd Pacific Shipyards Corp., a $16,008,228 modification to previously awarded contract HSCG85-09-C-6BX667 in support of USCGC Polar Star's (WAGB-10) reactivation since being in "Caretaker Status" nearly four years. According to a release, repairs and alterations performed during the planned dry-docking availability of the icebreaker are in the third phase of the cutter's overhaul. The contract modification provides for the alteration and repair of ship's systems, engines and shipboard equipment. The work will be accomplished at Todd Pacific's Seattle shipyard beginning immediately, and is expected to be complete in July 2011.

27 Dec 2010

Vigor Industrial to Acquire Todd Shipyards

Todd Shipyards Corp. (NYSE: TOD) and Vigor Industrial LLC announced that they have entered into a definitive agreement under which Vigor will acquire the stock of Todd for $22.27 per share, or approximately $130m. The transaction is structured as an all cash tender offer. Under the terms of the agreement, which has been unanimously approved by Todd’s board of directors, Vigor will offer to purchase all outstanding shares of Todd’s common stock for $22.27 in cash per share. This represents a premium of 31% over the average closing price of Todd’s common stock during the three month period ended December 21, 2010. The price of Todd’s stock has climbed steadily during the year from a low of $13.98 to its recent 52 week high closing price of $21.00.

18 Oct 2009

Todd Shipyards $12.5M add-on to CG Contract

According to a report from the Puget Sound Business Journal, Todd Shipyards Corp. said on Oct. 15 that the U.S. Coast Guard is awarding it a $12.5m option on a previously awarded contract to make additional alterations and repairs on the icebreaker USCGC Healy. (Source: Puget Sound Business Journal)

14 Oct 2009

WSDOT Awards Bid for Additional 64-Car Ferries

Washington State Department of Transportation’s Ferries Division (WSF) announced on Oct. 13, that it is awarding a contract to Todd Pacific Shipyards to build two additional 64-car ferries. Todd Shipyards submitted a $114m bid on Thursday, October 8 to build two more 64-car ferries. With the contract award, Todd will begin constructing the second and third ferries in this new class of vessels. WSF awarded a contract to Todd to construct the first 64-car ferry in December 2008. That vessel is under construction and scheduled to go into service on the Port Townsend/Keystone route in late-summer 2010. “This contract award is expected to sustain nearly 400 family wage jobs,” said. Gov. Chris Gregoire.

25 Feb 2009

Seattle Shipyard $29m Icebreaker Contract

U.S. Senator Patty Murray (D-WA) announced that Todd Shipyards, a Seattle-based company, has been awarded a five-year $29m contract to retrofit the United States Coast Guard’s Polar Class icebreaker, Polar Star. As a senior member of the Senate Appropriations Committee, Senator Murray helped secure $30.3m in the FY2009 Homeland Security Appropriations bill to re-activate the USCGC Polar Star, which is currently in caretaker status. “This contract is a shot in the arm for our maritime industry at a critical time,” said Senator Murray. According to Todd Pacific Shipyards' CEO, Steve Welch, the contract will mean sustaining or creating more than 250 jobs in the Puget Sound region. "This news couldn't have come at a better time," Welch said.

03 Dec 2008

New ferry for Port Townsend/Keystone

The existing Island Home ferry

Washington State Department of Transportation (WSDOT) Ferries Division announced on Dec. 1 that it is awarding a contract to Todd Pacific Shipyards to build one 64-auto ferry. Todd Shipyards submitted a $65.5m bid last month to build one 64-auto ferry. With the contract award, the new ferry is on an 18-month construction timeline. "Our economy and the people who depend upon this ferry route will greatly benefit from this contract. This award is expected to generate nearly 200 jobs," said Gov. Chris Gregoire.

17 Nov 2008

WSDOT Opens Bids for Car Ferries

WSDOT Ferries Division took the next step today in the process to build new ferries for the Port Townsend/Keystone route. WSDOT opened bids on Nov. 13, on a contract to construct up to two new 64-car vessels based on the Island Home design. The formal bid opening was held at 11:00 a.m at Ferries Division headquarters in Seattle. WSDOT received one bid from Todd Pacific Shipyards. Bids were solicited for construction and delivery of one or two 64-auto ferries. Todd’s proposed bid price is $124,450,559 for two vessels and $65,487,328 for one vessel. The WSDOT engineer’s estimate is $95,943,865 for two vessels and $49,452,894 for one vessel.

27 Aug 2008

Todd Shipyards to Overhaul Aircraft Carriers

Todd Pacific Shipyards Corporation has been awarded a contract by the United States Navy to provide long-term overhaul and maintenance to the Nimitz Class aircraft carriers (CVN) homeported or assigned for maintenance in . 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. The work to be performed includes non-nuclear ship repair, alteration and maintenance. The work will be performed by the Todd Pacific workforce or Todd Pacific’s subcontractors at the Puget Sound Naval Shipyard in…

24 Apr 2008

Maritime Administration Awards $9.8m in Shipyard Grants

The U.S. Department of Transportation’s Maritime Administration announced $9.8m in grants to 19 small shipyards in the . The grants are part of the new Assistance to Small Shipyards program, set up under the National Defense Authorization Act for Fiscal Year 2006. “Small shipyards are vitally important for the health of the maritime industry, and for the economy of the Nation,” said Maritime Administrator Sean T. Connaughton. The purpose of the grants is to make capital and infrastructure improvements that facilitate the efficiency, cost-effectiveness and quality of domestic ship construction, conversion or repair for commercial and federal government use. The grants cover a maximum of 75-percent of the estimated cost of improvements. The companies are responsible for the remainder.

13 Mar 2008

Todd Shipyards Gets $3.1M Overhaul Contract

Todd Pacific Shipyards Corp. has received a $3.1 million contract to overhaul the USNS Guadalupe, a oiler naval vessel that provides fuel for Navy ships at sea, Puget Sound Business Journal reported. According to Todd, a subsidiary of Seattle-based Todd Shipyards Corp., the contract work includes: tank cleaning and inspection, galley equipment replacement, habitability space repairs, main engine overhaul work, replacement of the low pressure air compressor, and various other machinery, electrical, ventilation, and piping items. The Guadalupe is expected to arrive at Todd's shipyard on April 22 for its 30-day overhaul. Source: Business Journal

17 Sep 2003

Admiral Jeremiah Joins Todd Shipyards Corporation Board of Directors

Todd Shipyards Corporation announced that Admiral David E. Jeremiah, U.S. Navy (Ret.) was elected to the Board of Directors of the Company at its annual meeting of shareholders on Friday, September 12, 2003. Admiral Jeremiah is President of Technology Strategies & Alliances Corporation, a strategic advisory and investment banking firm engaged primarily in the aerospace, defense, telecommunications and electronics industries. Prior to his retirement from the U.S. Navy in 1994, he was Vice Chairman, Joint Chiefs of Staff from 1990 to 1994 and Commander-in-Chief of the United States Pacific Fleet from 1987 to 1990. Admiral Jeremiah serves as Chairman of the Board of Directors of Wackenhut Services, Inc.

29 Oct 2003

Todd Shipyards Announce Quarterly Results

Todd Shipyards Corporation announced financial results for the second quarter ended Sept. 28, 2003. For the quarter, the Company reported net income of $2.0 million or $0.35 per diluted share on revenue of $44.4 million. For the six month period then ended, the Company reported a net loss of $0.2 million or $0.05 per diluted share on revenue of $65.6 million. In the prior year second quarter ended Sept. 28, 2002, the Company reported net income of $2.0 million or $0.36 per diluted share on revenue of $40.6 million. For the six month period then ended, the Company reported net income of $4.3 million or $0.77 per diluted share on revenue of $89.8 million. The Company's second quarter revenue of $44.4 million reflects an increase of $3.9 million (9%) from the same period last fiscal year.

22 Dec 2003

Todd Shipyards Corporation Announces Dividend

Todd Shipyards Corporation announced that at a meeting conducted on December 17, 2003, its Board of Directors declared a dividend of ten cents ($0.10) per share to be paid March 23, 2004, to all shareholders of record as of March 8, 2004. The Company had previously announced its intent to pay a dividend of ten cents ($0.10) per share payable on December 23, 2003, to all shareholders of record as of December 8, 2003, and quarterly thereafter. Todd Shipyards Corporation is traded on the New York Stock Exchange (symbol TOD). Its wholly owned subsidiary, Todd Pacific Shipyards Corporation, 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.

29 Dec 2003

Todd Shipyards to Reduce in Scope of Navy Repair Availability

Todd Shipyards Corporation announced today that the US Navy has reduced the scope of work requested to be performed by its wholly owned subsidiary, Todd Pacific Shipyards Corporation ("Todd Pacific"), on the USS Sacramento (AOE 1) during an upcoming availability originally scheduled to begin in the fourth quarter of the Company's current fiscal year. The availability, originally scheduled for 12 weeks, was to include a dry docking of the ship. The current plan is for a five-week, pier-side availability, the dollar value of which is not yet determined. The Sacramento is one of the four AOE class ships originally covered by the Company's six-year, cost-type contract with the Navy, under which the Navy has options to have Todd perform maintenance work on the ships.

15 Jan 2004

Todd Shipyards Announces Notification Decommissioning

Todd Pacific Shipyards Corporation has been informed by the US Navy that the USS Sacramento (AOE 1), is scheduled to be decommissioned on or about October 1, 2004. The Sacramento is one of the four AOE class ships originally covered by the Company's six-year, cost-type contract with the Navy, under which the Navy has options to have Todd Pacific perform maintenance work on the ships. The contract, which is the Company's fourth consecutive, multi-year contract with the Navy on the AOE class vessels, was awarded on a sole source basis in June, 2001. The original contract included options for thirteen repair availabilities to be performed in the 2001 through 2007 contract period and was expected to have a notional value of approximately $180 million if all of the options were exercised.

18 Aug 2000

Contracts

Bollinger Shipyards, Inc., Lockport, La., has signed a contract to build two, 250-ft., double hull, jumbo coastwise service, single rake hopper barges for Tide Leasing, LLC, Birmingham, Ala. Construction has begun on the first barge and building of the second vessel will begin in August. Both are scheduled for delivery in November 2000. Overall, each barge will be 250 ft. in length, with a 52.5-ft. beam and 14-ft. depth and 11.5 ft. maximum draft. They will be built with .75-in. steel at the hopper bottoms and .625-in. steel at the hopper sides plus .5-in. T-1 liner plates on the bottom and upper sides of the hopper. Each will be able to carry up to 3,000 metric tons of coal and will operate out of Santa Marta, Colombia. Shearer and Associates, Inc., Metairie, La.

26 Apr 2005

Todd Shipyards to Overhaul and Drydock USCGC Polar Star

Todd Shipyards Corporation announced that the U.S. Coast Guard has awarded to its wholly owned subsidiary, Todd Pacific Shipyards Corporation ("Todd Pacific" or the "Company"), a $8,777,829 modification to previously awarded contract HSCG85-04-C-625509 in support of repairs and alterations performed during the Dry-Docked Planned Maintenance Availability ("DPMA") of the icebreaker USCG Polar Star (WAGB-10). The contract modification provides for the alteration and repair of ship's systems, shipboard equipment and ship hull preservation. The work will be accomplished at the Company's shipyard in Seattle and is expected to be completed in August 2005.

10 Jun 2005

Talking About the John J. Harvey

Everybody talks about the John J. Harvey, and quite a few of them are doing something about it. The chipping, scraping, and painting you'd expect a 74-year-old fireboat to require has proceeded since the vessel became privately owned in 1999, but that's only the beginning of the discussion. For within the city the fireboat served for its first sixty years, a peculiar love/hate seems to have developed toward the harbor. That, more than leaks, can influence the future of the most historic of vessels, even as it affects contemporary ones doing their daily chores. The John J. Harvey was built for these waters in 1931, launched into them by the Todd shipyards at Brooklyn and serving them steadily, reliably, even heroically.

14 Jun 2007

Todd Pacific, Martinac and Nicols Brothers to Submit Joint Proposal to WSF

Todd Shipyards Corporation announced that its wholly owned subsidiary, Todd Pacific Shipyards Corporation has reached an agreement with J.M. Martinac Shipbuilding Corp. and Nichols Brothers Boat Builders, Inc., to submit a Joint Single Proposal to build ferries for the Washington State Ferry System (WSF). 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 -- Todd, Martinac and Nichols -- 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.

22 May 2007

Todd Shipyards to Overhaul USCGC Polar Sea

Todd Shipyards Corporation said that the U.S. Coast Guard has awarded to its wholly owned subsidiary, Todd Pacific Shipyards Corporation a $7.5m modification to previously awarded contract HSCG85-04-C-625509 in support of repairs and alterations performed during the Planned Maintenance Availability (PMA) of the icebreaker USCGC Polar Sea (WAGB-11). The contract modification provides for the alteration and repair of the ship's systems, engines and shipboard equipment. The work will be accomplished at Todd Pacific's shipyard in Seattle beginning immediately and is expected to be completed in August 2007. The PMA of the Polar Sea is being…

26 Mar 2007

Former Chairman of Todd Shipyard Dies

John T. Gilbride, a former chairman and chief executive of the Todd Shipyards Corporation, once the largest independent shipbuilding company in the country, died on March 17 at his home in Stamford, Conn. He was 90. The cause was lung disease, his son Frank said, as reported in the New York Times. Gilbride, who started as a pipe fitter’s helper at the Todd shipyard in Brooklyn when he was 14, was president of the company from 1958 to 1975, and its chairman and chief executive until his retirement in 1986. Founded by William H. Todd in 1916, the company built destroyers, cargo carriers and troop ships during both world wars. In World War II, it had 150,000 workers, most at its yard in Brooklyn. Well into the 1980s, more than 80 percent of the company’s business was with the Navy.