FORM 8-K

Current Report

Pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report: January 519, 2011

(date of earliest event reported)

Commission File Number 1-5109

TODD SHIPYARDS CORPORATION

(Exact name of registrant as specified in its charter)

DELAWARE

(State or other jurisdiction of

incorporation or organization)

91-1506719

(I.R.S. Employer Identification No.)

1801- 16th AVENUE SW, SEATTLE, WASHINGTON 98134-1089

(Street address of principal executive offices - Zip Code)

Registrant's telephone number: (206) 623-1635

Not Applicable

______________________________________________

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 8.01 Other Events

Todd Shipyards Corporation announced today that the U.S. Coast Guard has awarded to its wholly owned subsidiary, Todd Pacific Shipyards Corporation (“"Todd Pacific”"), a $164,~~008~~883,~~228~~691 modification to previously awarded contract HSCG85-0911-C-~~6BX667~~P45631 in support of ~~USCGC~~repairs ~~Polar Star’s (WAGB-10) reactivation since being in “Caretaker Status” nearly four years. Repairs~~ and alterations being performed during the ~~planned~~dockside ~~dry-docking~~maintenance availability of the icebreaker ~~are~~USCGC inHealy ~~the third phase of the cutter’s overhaul~~(WAGB-20). The contract modification provides for the alteration and repair of ship’s systems, engines and shipboard equipment. The work will be accomplished at ~~Todd~~the ~~Pacific’s~~Coast ~~Seattle~~Guard ~~shipyard~~Base, Integrated Support Command, located at Pier 36 in Seattle, beginning immediately, and is expected to be complete in ~~July~~April 2011.

The ~~planned~~dockside ~~dry-docking~~ availability ~~for~~of the USCGC ~~Polar~~Healy ~~Star~~ is being performed pursuant to ~~Todd~~the ~~Pacific~~Company’s five-year Multi-~~Ship~~Year Multi-Option ~~(“MSMO”)~~ contract with the Coast Guard for the overhaul and continued maintenance of the ~~two~~Healy ~~Polar~~ Class ~~Icebreakers~~Icebreaker stationed at Seattle, Washington. The ~~cost~~Firm Fixed-~~type~~Price supply contract was awarded to Todd Pacific in ~~February~~November ~~2009~~2010 and this option award represents the first availability of the contract.

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: January 520, 2011.

/s/ Michael G. Marsh

By: Michael G. Marsh

On Behalf of the Registrant as

Secretary and General Counsel

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