TODD PACIFIC SHIPYARDS CORPORATION ANNOUNCES CONTRACT WITH ELECTRIC
BOAT TO ASSIST ON SUBMARINE CONVERSION


VIA FACSIMILE                                 CONTACT: DACIA RICHARDSON
Total Pages - 1                               SHAREHOLDER RELATIONS
                                              206-623-1635 Ext. 106


SEATTLE, WASHINGTON. January 29, 2004. Todd Pacific Shipyards Corporation
("Todd Pacific" or the "Company") announced today that it has entered into a
contract with Electric Boat Corporation of Groton, Connecticut ("Electric
Boat") to support their work on Trident submarines.  During the period from
May to September 2003, Todd Pacific completed planning and preparation work
for Electric Boat under a contract valued at less than $200,000.  Todd Pacific
has begun work on a follow-on contract to fabricate components and to
accomplish associated steel outfitting, project management and quality
assurance functions.

This contract is associated with the refit work being accomplished by Electric
Boat on the USS OHIO (SSBN 726) at the Puget Sound Naval Shipyard. Todd
Pacific's work is being performed under a cost plus incentive fee contract
with Electric Boat for fabrication work, and a firm fixed price contract for
the associated project management and quality assurance work.  The total value
of these contracts is approximately $5.3 million and the work is scheduled to
be completed in May 2004.  Todd Pacific has been requested to provide pricing
estimates for a second shipset of components to be fabricated in late 2004
completing in 2005.  Todd Pacific intends to pursue this additional
opportunity, however there is no assurance that Todd Pacific will be awarded
all or part of this additional work.

Todd Pacific is the 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 carriers, fishing boats, tankers, tugs and
barges.

Todd has operated a shipyard in Seattle since 1916 and currently employees
more than 850 people.