UNITED STATES
                SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C. 20549

                             FORM 8-K
                           Current Report


                  Commission File Number 1-5109


                     TODD SHIPYARDS CORPORATION
      (Exact name of registrant as specified in its charter)


            DELAWARE                           91-1506719
  (State or other jurisdiction of        (IRS Employer I.D. No.)
  incorporation or  organization)


      1801- 16th AVENUE SW, SEATTLE, WASHINGTON   98134-1089
    (Street address of principal executive offices - Zip Code)

           Registrant's telephone number: (206) 623-1635

Item 5.  Other Events

On December 30, 1994 the Company issued a press release
announcing that the Company's wholly owned subsidiary Todd
Pacific Shipyards Corporation was the apparent low bidder for the
construction of one Jumbo Mark II Class Ferry for the Washington
State Department of Transportation (the "DOT"), with an option,
excersisable by the DOT, for the construction of two additional
ferries of the same class.


Item 7.  Financial Statements and Exhibits

(c) Exhibits

  28-1 Press Release dated September 10, 1993


                           SIGNATURES


Pursuant  to the requirements of the Securities Exchange  Act  of
1934, the registrant has duly caused this report to be signed  on
its behalf by the undersigned hereunto duly authorized.


Dated:  January 2, 1995



                              By:  Michael G. Marsh
                              On Behalf of the Registrant as
                              Secretary and General Counsel