TODD PACIFIC SHIPYARDS CORPORATION ANNOUNCES TEAMING ARRANGEMENT WITH
BATH IRON WORKS ON AEGIS DESTROYER OVERHAUL OPTIONS


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


SEATTLE, WASHINGTON.February 6, 2004. Todd Pacific Shipyards
Corporation ("Todd Pacific" or the "Company") confirmed today its
expected participation, along with Southwest Marine, Inc., San Diego
Division, on the team lead by Bath Iron Works, a subsidiary of General
Dynamics (NYSE:GD), to perform Post Shakedown Availability work ("PSA")
on DDG-51 Aegis Destroyers ("Destroyers").  The U.S. Navy contract for
this work, which was awarded to Bath Iron Works, includes options for PSA
work to be accomplished in Navy homeports of Everett, Washington and Pearl
Harbor, HI.

Todd Pacific's expected participation will include the performance of
the PSA work on between one and three Destroyers that are expected
to be homeported in Everett, Washington.  The first option, if
exercised by the Navy, is anticipated to require work in the first
quarter of calendar 2005 and would have a value of approximately $9
million.  Any work that the Company performs for Bath Iron Works will be
accomplished under a cost-plus-award-fee subcontract still to be
finalized between Bath Iron Works and Todd Pacific.  If the Navy stations the
second and third Destroyers at Everett and exercises options for PSA
work  on those ships, the anticipated contract value to Todd for  its
expected work on all three  ships will be approximately $30 million
between 2005 and 2007.  The PSA work primarily involves the installation of
system and equipment upgrades and/or ship alterations as required.

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 and
military 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.

"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995

Statements contained in this release which are not historical facts or
information are "forward-looking statements."  Words such as "believe,"
"expect," "intend," "will," "should,", "anticipate", 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.  Such risks and uncertainties include both
general economic risks and uncertainties and matters discussed in the
Company's annual report on Form 10-K which relate directly to the
Company's operations and properties.  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.