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Todd Gets Icebreaker Deal

The Coast Guard signs up the ship repair shop for work on the Polar Sea.
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Todd Shipyards (TOD) got a $7.2 million ship repair deal from the Coast Guard.

The Seattle-based ship maintainer said the contract modification covers repairs and alterations performed on the icebreaker USCG Polar Sea. The option provides for the alteration and repair of the ship's systems, engines and shipboard equipment.

The work will take place at Todd Pacific's shipyard in Seattle and is expected to be completed in February 2006.

The news comes on the same day that Todd's audit committee dismissed Ernst & Young as its auditor and hired Grant Thornton for the year ending April 2. Todd didn't provide an explanation but said it didn't have any unresolved accounting disagreements for its two most recent fiscal years.

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Todd was flat Thursday at $18.50.