CONTACT:  Roland H. Webb
                                                VP and General Manager
                                                   (206) 623-1635 x400


      TODD SIGNS CONTRACT FOR CONSTRUCTION OF WASHINGTON FERRIES


Seattle,  WA...January 31, 1995...Todd Shipyards Corporation  ("Todd")
reported  today  that  its  wholly  owned  subsidiary,  Todd   Pacific
Shipyards Corporation ("Todd Pacific") has signed a contract with  the
Washington   State   Department   of  Transportation   ("WSDOT")   for
construction  of one Jumbo Mark II Class Ferry.  Todd  has  previously
reported  on December 30, 1994 that Todd Pacific was the apparent  low
bidder for this contract.

The  contract  was  signed yesterday, January 30, 1994  at  a  signing
ceremony  held  at  Todd  Pacific's shipyard in  Seattle,  Washington.
Speaking at the ceremony were Roland Webb, Vice President and  General
Manager  of  Todd Pacific; Patrick W.E. Hodgson, Chairman and  CEO  of
Todd;  Tim Sullivan, Secretary and Treasurer of the Puget Sound  Metal
Trades;  Sid  Morrison, Secretary of the WSDOT; Norm  Rice,  Mayor  of
Seattle; and Kathy Fletcher, Executive Director of the People of Puget
Sound.

The  contract is expected to generate 350 direct jobs and 200 indirect
jobs in the Seattle region.