GYG.L Regulatory News (GYG)

5 June 2020

GYG plc

("GYG" or the "Group")

Two Refit Contracts Signed with MB92 Group

GYG (AIM: GYG), the market leading superyacht painting, supply and maintenance company, is pleased to announce the signing of two Refit contracts with MB92 Group.

These two contracts, with a combined value of over €6 million, are due to commence immediately in MB92 Group's specialist facilities in Barcelona, Spain and La Ciotat, France. GYG's operations in both shipyards are running as normal, with enhanced health and safety protocols in place, following a short closure of the yards during March and April.

Remy Millott, CEO of GYG commented:

"We are pleased to have signed these two significant Refit contracts with MB92 Group, further enhancing the strong relationship between the two businesses and strengthening the Order Book through the summer. Whilst there is no doubt that the ongoing COVID-19 pandemic is affecting businesses and individuals across all industries and geographies, GYG's market leading proposition and proven resilience are enabling us to quote for a record number of Refit contracts and undertake the work in the safest way possible, protecting the health and wellbeing of our staff, customers and suppliers."

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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, containment and the removal and repair of fittings

· New Build: fairing and painting of new vessels as part of the build process

· Supply: the sale and delivery of maintenance materials, consumables, spare parts and equipment primarily to superyachts and trade customers