Todd Shipyards Corporation Announces Ferry New Construction Award by Washington State Department of Transportation

SEATTLE--(Business Wire)--
Todd Shipyards Corporation (NYSE:TOD) announced that its wholly owned
subsidiary, Todd Pacific Shipyards Corporation ("Todd" or the "Company"), 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.

"The selection of Todd to build the ferries, especially when combined with our
on-going work for the United States Navy, United States Coast Guard and
commercial customers, looks like a win on several fronts. Todd will be a very
stable employer for at least the next couple of years, and in the process help
train a new generation of trades people through our apprenticeship programs. We
get the opportunity to build quality vessels for our state and earn a fair
return in the process," Steve Welch, Todd CEO, said.

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 Shipyards
Corporation has operated a shipyard in Seattle since 1916.

Forward-Looking Statements

Statements contained in this Report, which are not historical facts or
information, are "forward-looking statements." Words such as "believe,"
"expect," "intend," "will," "should," and other expressions that indicate future
events and trends identify such forward-looking statements. These
forward-looking statements involve risks and uncertainties, which could cause
the outcome to be materially different than stated. The Company cautions that
any forward-looking statement reflects only the belief of the Company or its
management at the time the statement was made. Although the Company believes
such forward-looking statements are based upon reasonable assumptions, such
assumptions may ultimately prove to be inaccurate or incomplete. The Company
undertakes no obligation to update any forward-looking statement to reflect
events or circumstances after the date on which the statement was made.
Furthermore, market trends are subject to changes, which could adversely affect
future results. See additional discussion in our Annual Report on Form 10-K for
the fiscal year ended March 29, 2009, and other factors detailed from time to
time on our other filings with the Securities and Exchange Commission.

Todd Shipyards Corporation
Hilary Pickerel
Shareholder Relations
206-623-1635 Ext. 106



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