Item 8.01 Other Events

Todd Shipyards Corporation (NYSE:TOD) announced today that the U.S. Coast Guard has awarded to its wholly owned subsidiary, Todd Pacific Shipyards Corporation ("Todd Pacific"), a $5,515,503 modification to previously awarded contract HSCG85-09-C-6BX667 in support of repairs and alterations performed during the Planned Maintenance Availability ("PMA") of the icebreaker USCG Polar Sea (WAGB-11). The contract modification provides for the alteration and repair of ship's systems, engines and shipboard equipment. The work will be accomplished at Todd Pacific's shipyard in Seattle beginning immediately and is expected to be completed in July 2009.

The PMA of the Polar Sea is being performed pursuant to the Company's five-year multi-ship multi-option contract with the Coast Guard for the overhaul and continued maintenance of the two Polar Class Icebreakers stationed at Seattle, Washington. The five-year cost-type contract was awarded to Todd Pacific in February 2009 and represents the second contract for long term Polar Class Icebreaker maintenance awarded to Todd Pacific. The first such contract, recently expired, was awarded in 2004.

(c) Exhibits

99.1 - Todd Shipyards Press Release dated May 20, 2009.