11 Nov 2021 07:00
11 November 2021
GYG plc
("GYG", the "Company" or the "Group")
Large Refit Contract Signed
GYG (AIM: GYG), the market leading superyacht painting, supply and maintenance company, is pleased to announce the signing of a significant turnkey Refit contract for a 100+ metre superyacht. The contract is valued in excess of €7m and work is scheduled to commence in a large and well established Northern European shipyard in January 2022, further improving the forward visibility of the Order Book.
This is an important project for the Group, utilising the Refit services including bespoke scaffolding, containment, hardware removal, caulking and complete repainting. The scale and timeline of this project highlights the Group's ability to deploy its unique turnkey solutions efficiently and at scale across Europe. The payment terms of the contract will also provide additional working capital through the remainder of 2021 and into 2022.
Remy Millott, CEO of GYG, commented:
"We are pleased to have signed another major turnkey Refit contract for a 100+ metre superyacht commencing early in 2022, further establishing the Group's market share in Northern Europe and strengthening the Order Book. This project utilises a number of GYG's turnkey solutions and this was a significant deciding factor when the shipyard was awarding the contract. We look forward to starting work in the new year while the team remains busy submitting tenders for a large number of Refit and New Build opportunities."
ENDS
For further information:
GYG plc Remy Millott, Chief Executive Officer Kevin McNair, Chief Financial Officer
| via FTI Consulting Tel: +44 (0) 20 3727 1000 |
Singer Capital Markets Tom Salvesen Peter Steel, Amanda Gray
| Tel: +44 (0) 20 7496 3000 |
FTI Consulting Alex Beagley Fiona Walker Rafaella de Freitas
| Tel: +44 (0) 20 3727 1000
|
Notes to Editors:
GYG is the market leading superyacht painting, supply and maintenance company, offering services globally through operations in the Mediterranean, Northern Europe and the United States. The Company's brands include Pinmar, Pinmar Yacht Supply, and Technocraft. GYG's operations can be divided into three key sales channels:
· Refit: repainting and finishing of superyachts, normally as part of a refit programme. Revenues also include scaffolding and containment work;
· New Build: fairing and painting of new vessels as part of the build process; and
· Supply: selling and delivery of maintenance materials, consumables, spare parts and equipment primarily to trade customers.