Feature 3 | NORTH AMERICA
Vigor Industrial to acquire Todd Shipyards
Further changes in the ownership structure of USA shipyards is on the way.
United States, Todd Shipyards, for around US$130 million. The deal should be concluded by the end of February. Todd, through its subsidiaries, performs a substantial amount of
V
igor Industrial has announced that it is to acquire one of the leading repair operators in the
repair and
maintenance work on both commercial and federal government vessels, with key customers including the US Navy, the US Coast Guard, the Washington State Ferry system, the National Oceanic and Atmospheric Administration (NOAA),
the Alaska Marine Highway
System and various other commercial and governmental customers. Todd has operated a shipyard in Seattle since 1916 and also has yard facilities in Everett and Bremerton, Washington. Vigor Industrial, through its Vigor Marine subsidiary, operates the Washington Marine Repair and Cascade General yards in Portland and the Puget Sound and in August last year the company made another acquisition, purchasing Marine Industries Northwest of Tacoma. “We are pleased about the addition of
Todd to the Vigor family,” commented Frank Foti, Vigor president, at the time of the acquisition. “Todd is Puget Sound’s leading shipyard and the combination of Vigor and Todd will create the largest and most capable marine services company in the Pacific North West.” Todd’s management will be kept intact
and all contracts will remain in place. Te acquisition will improve utilisation of facilities across the enlarged group, Vigor believes, while creating further opportunities for growth. Tis is the latest in a series of acquisitions
which has rationalised ownership of USA shipyards. BAe Systems last year acquired the Atlantic Marine yards in Mayport and Jacksonville, Florida; Moss Point, Mississippi and Mobile, Alabama, while Signal International took over the Bender shipyard business in Mobile last year.
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Todd Shipyards, which handles a mix of commercial and naval repair work, is being taken over by the Vigor group.
Todd Shipyards had a busy 2010, with
notable projects including drydocking and extensive repairs to the USS Ingraham, a Perry-Class fast frigate, the factory fish processing ship, Northern Victor, and factory trawler Arctic Storm. Te work carried out by the yard included internal steel replacement, shafting repairs, hull painting on all three vessels, and replacement of a 60tonne fishmeal plant on Northern Victor. The Coast Guard heavy icebreaker
Polar Star has recently been in drydock at Todd undergoing a two year reactivation. Work on the triple screw ship includes hull and mechanical refurbishment, as well as upgrades to the shaſting, hub and bearings. Te work is being performed under Todd’s long term, five year contract with the Coast Guard for repairs to the two polar icebreakers Polar Star and Polar Sea. Todd also has a long term contract for repairs to a third icebreaker, USCGC Healy. Navy work performed by Todd at
the Puget Sound Naval Shipyard in Bremerton has included work on the
aircraft carriers USS Stennis and USS Nimitz under the company’s long term contract with the Navy to provide non-nuclear repairs to CVN-68 class aircraft carriers home-ported in or visiting Puget Sound. Todd Pacific also recently received a
major boost with the announcement of a five-year multi-ship contract for the drydocking of surface combatant ships home-ported at Naval Station Everett or visiting the Puget Sound region. As it has done in the past, Todd Pacific will act as the prime contractor and lead a team of subcontractors who may perform as much as half of the work, which will be carried out at Todd Pacific’s Seattle shipyard. The company estimates the value of this contract may be in the range of US$50 - US$80 million over five years, if all options are exercised. Furthermore, the Navy has announced its intent to issue a request for proposals in March 2011 for a five-year contract to carry out alongside repairs on the surface combatant ships based at Naval Station Everett. SCRT
Shiprepair and Conversion Technology 1st Quarter 2011
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