Todd Shipyards Corporation Announces U.S. Navy Exercise of Contract Option
Todd Shipyards Corporation (NYSE: TOD) announced that the U.S. Navy has awarded to its wholly owned subsidiary, Todd Pacific Shipyards Corporation, a $3,739,714.00 modification to previously awarded contract.
This contract modification represents an exercised option for the Docking Planned Incremental Availability for USS NIMITZ, at Puget Sound Naval Shipyard which will commence in January 2011 and is expected to be complete in December 2011.
The Company anticipates that additional work on the carrier will be definitized by the Navy, resulting in total contract modifications in the range of $31-36 million.
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