Todd Shipyards (TOD) Awarded $114 Million Contract From Washington State Department of Transportation, Ferries Division

October 14, 2009 12:22 PM EDT

Todd Shipyards Corporation (NYSE: TOD) announced that its wholly owned subsidiary, Todd Pacific Shipyards Corporation, was awarded a $114.1 million contract from Washington State Department of Transportation, Ferries Division ("WSF") for the construction of two 64-Auto Ferries with an option for a third.

Todd is currently constructing the lead vessel in the new class to be used on the Puget Sound ferry route between Port Townsend and Keystone. The current award is for the construction of vessels two and three in the class. As part of this award, WSF has an option for the construction of a fourth vessel in the class for $50.8 million, which must be exercised no later than May 31, 2011.

The contract will commence once the Company has received a Notice to Proceed from WSF. The contract contemplates delivery of the second vessel in the class 18 months after Notice to Proceed, and the third vessel nine months after that delivery. The competition to build the 64-Auto Ferry was open to all shipyards located in the state of Washington.
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