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Todd Shipyards’ CEO Steve Welch Honored with Puget Sound Maritime Achievement Award for 2010

SEATTLE--(BUSINESS WIRE)--Todd Shipyards Corporation (NYSE:TOD) announced today that business and community leaders have honored Steve Welch, Chairman and CEO of its wholly owned subsidiary, Todd Pacific Shipyards Corporation ("Todd"), with the Puget Sound Maritime Achievement Award for 2010.

Welch received the award on May 11 at the annual Seattle Maritime Festival Luncheon aboard Carnival Cruise Lines' Carnival Spirit at the Smith Cove Cruise Terminal at Pier 91. The luncheon is co-sponsored by the Greater Seattle Chamber of Commerce and Seattle Propeller Club.

"Todd is doing exceptionally well in a difficult economy, and for someone to show that leadership is particularly astounding," said Rich Berkowitz, who is Director of Pacific Coast Operations for the Transportation Institute and heads up the nomination process for the Seattle Propeller Club.

The Puget Sound Maritime Press Association began bestowing the honor to individuals in 1951 to recognize long and distinguished careers and specific achievements benefiting the local maritime community. Propeller Club Seattle has presented the award annually since 1984.

Welch became Todd Pacific Shipyard's leader in 1997 at a time when the future of the company was unclear and led a dramatic turnaround.

In nominating Welch for the Award, Rear Admiral John W. Lockwood, USCG ret. and Secretary of the Propeller Club Board of Directors, highlighted Welch's leadership in the industry -- he is past chair of the Shipbuilders Council of America -- and his resolve to make Todd the Best Shipyard on the West Coast of North America.

"Steve's foresight and leadership have brought together a close knit team" of more than 30 subcontractors to build at least three new Washington State ferries, the first new vessels for the system in more than a decade, Lockwood said. "The work ethic espoused by Steve sets an example for the entire industry, and nurtures and protects hundreds of family wage level jobs for Seattle-area marine industrial sector craftsmen and their families."

Lockwood also cited Welch's leadership in regard to Todd's eight environmental awards since 2004, and his strong commitment to apprenticeship programs to build a new generation of maritime industry workers.

Previous recipients of the Maritime Achievement Award include Todd's former General Manager, Carl Meurk in 1981, Leslie Hughes, Executive Director of the North Pacific Fishing Vessel Owners' Association, the first female recipient in 2006, C. Arthur Foss of Foss Tug and US Senator Warren G. Magnuson in the 1950s, Port of Seattle Director Richard Ford in the 1980s and Stan Barer of Totem Resources in the 1990s.

Todd Pacific 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 and provides new construction and industrial fabrication services for a wide variety of customers. Since 1916, Todd has proudly built and repaired ships on the Seattle waterfront and today has satellite operations in Bremerton and Everett, Washington. Its customers include the US Navy, the US Coast Guard, NOAA, the Washington State Ferry system, the Alaska Marine Highway System, and various other commercial and government customers.

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