Mission Accomplished, Todd Pacific Shipyards
President to Seek New Challenges

VIA FACSIMILE                           CONTACT:  DACIA RICHARDSON
Total Pages - 2                                   SHAREHOLDER RELATIONS
                                                  206-623-1635 Ext. 106

SEATTLE, WASHINGTON...May 27, 2003...Roland H. "Rollie" Webb announced
today his resignation as President and Chief Operating Officer of Todd
Pacific Shipyards Corporation ("Todd"), saying he has accomplished his
mission at Todd.

"Todd was the ultimate turnaround project," Webb said.  "Ten years ago
when I came here, the company had just emerged from bankruptcy.  The
first task was to convince ourselves and our customers that Todd had a
future.  Today that future is no longer in doubt.  The company is on
solid ground and it is time for me to look for new challenges."

Webb said he is leaving Todd in good hands with one of the strongest
teams of department heads the company has ever had.

"They are a professional and dedicated bunch and I am very pleased to
have worked with them," he said.

Todd Chairman and CEO Steve Welch thanked Webb for his dedicated
service to Todd over the last decade.  "Rollie's strong hands-on
approach put Todd on the right track," Welch said.  "He is a tireless
worker who is committed to getting every project done on time.  His
contributions will be long remembered by those who worked with him here
at Todd."

Welch said Webb's decision was not entirely unexpected after 10 years
of day-to-day management of the shipyard and that work has been done to
identify a likely successor.  He said an announcement could be expected
shortly. "Todd has a strong team thanks in large part to Rollie," Welch
said.  "I have every expectation that the transition will go smoothly
and there will be no disruption to our customers."

Webb helped lead the return of the shipyard to financial stability
through a change of focus from new ship construction to an emphasis on
ship repair and maintenance.  During Webb's tenure, Todd increased
safety, boosted productivity, invested in training and streamlined
costs.   Welch said the Todd of today is committed to continuous
improvement.

Todd Pacific Shipyards Corporation is a wholly owned subsidiary of Todd
Shipyards Corporation (NYSE symbol TOD).  The company 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.  Its customers include the U.S. Navy, the
U.S. Coast Guard, the Washington State Ferry system, the Alaska Marine
Highway system, and other government units, plus cruise ships, U.S.
flag cargo carries, fishing boats, tankers, tugs and barges.

Todd has operated a shipyard in Seattle since 1916 and currently
employees more than 750 people.