Item 8.01 Other Events

Todd Shipyards Corporation announced today that its wholly owned subsidiary, Todd Pacific Shipyards Corporation ("Todd Pacific" or the "Company") has been awarded a contract with the United States Coast Guard ("Coast Guard") to continue to provide long-term maintenance of Polar Class icebreakers. The contract consists of multiple contract options for dockside maintenance availabilities and drydocking maintenance availabilities for the POLAR STAR (WAGB-10) and POLAR SEA (WAGB-11). The availabilities, and their companion planning options, extend through the last dockside availability ending August 2013, and the last drydocking availability ending September 2013. The work to be performed includes availability planning and generalized ship maintenance, and repairs as needed, with emphasis on propulsion and deck machinery work. The Company expects to team with the Coast Guard to identify the appropriate best value work scope and technical solutions for reliability and service life improvements.

Todd Pacific's work will be performed under a cost plus incentive fee contract. This is the second iteration of this contract as Todd Pacific has performed similar work for the Coast Guard during the contract period March 2004 through February 2009. The notional value of all options, if exercised by the Coast Guard, is approximately $29 million. There is no assurance that all options will be exercised, in whole or in part.

(c) Exhibits

99.1 - Todd Shipyards Press Release dated February 26, 2009.