LONDON (Alliance News) - GYG PLC on Tuesday said it agreed terms for three new-build projects in northern Europe for yachts over 70 metres in length.
GYG, which stands for Global Yachting Group, provides maintenance and supply services for superyachts.
The first of the projects is the latest in a series of new builds for an existing shipyard partner, scheduled to commence in the fourth quarter of 2019, the company said.
The other two projects "mark the start of a new relationship" with an unnamed new build yard, with the works due to start in 2020.
"The establishment of these long-term supplier relationships provides better visibility of the forward order book and reduces the group's dependency on the seasonal cyclicality of the refit market," GYG said.
Furthermore, the company added, it is pleased with the start of 2019 which is "in line with management expectations".
GYG shares were trading up 2.4% at 55.30 pence each on Tuesday afternoon.