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
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Item 5. Other Events
On December 17, 1996 the Company issued a press release reporting
that the Environmental Protection Agency (the "EPA") has issued its
Record of Decision ("ROD") regarding the Shipyard Sediment
Operable Unit (the "Unit") of the Harbor Island Superfund
Site (the "Site") in Seattle, Washington. The Company was
named as a potentially responsible party on the Site in
1986.
Item 7. Financial Statements and Exhibits
(c) Exhibits
28-1 Press Release dated December 17, 1996.
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: December 18, 1996
/s/ Michael G. Marsh
By: Michael G. Marsh
On Behalf of the Registrant as
Secretary and General Counsel
CONTACT: Maja D. Larson
(206) 623-1635 x108
Seattle, WA...December 17, 1996...Todd Shipyards Corporation (the
"Company") reported today that the Environmental Protection Agency
(the "EPA") has issued its Record of Decision ("ROD") regarding the
Shipyard Sediment Operable Unit (the "Unit") of the Harbor Island
Superfund Site (the "Site") in Seattle, Washington. The Company was
named as a potentially responsible party on the Site in 1986. The
Company's subsidiary, Todd Pacific Shipyards Corporation ("Todd
Pacific"), operates a shipyard on the Site. The issued ROD proposes
the dredging and disposal of approximately 116,000 cubic yards of
material currently in the Duwamish River and Elliott Bay surrounding
Todd Pacific's facility. The EPA estimates the remedial cost
including long term monitoring and maintenance between $5.5 million
and $7.9 million. The difference in estimated remedial costs reflects
the variety of potential locations for a confined nearshore disposal
site for the dredge materials.
As previously disclosed, prior to issuance of the ROD the range
of clean up efforts proposed by the EPA varied from no cost if no
action were taken to $30 million for a broadly defined effort. The
Company has not yet provided any reserves in connection with the
Sediment Unit. However, after taking into account the information
contained in the ROD and considering information currently available
to the Company with regard to its other environmental issues, the
Company expects to charge $4.25 million against earnings for its third
fiscal quarter ending December 29, 1996, to reflect anticipated costs
associated with the Unit. This increases the Company's environmental
reserves for the entire Site to $11.4 million. The Company has not
yet entered into a consent decree or any other remedial agreement
covering the Unit and will continue to evaluate its options and
response to the findings in the ROD.
