GYG PLC Large Refit Contract Signed
11 November 2021 - 06:00PM
RNS Non-Regulatory
TIDMGYG
GYG PLC
11 November 2021
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 EUR7m 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 via FTI Consulting
Remy Millott, Chief Executive Tel: +44 (0) 20 3727 1000
Officer
Kevin McNair, Chief Financial
Officer
Singer Capital Markets Tel: +44 (0) 20 7496 3000
Tom Salvesen
Peter Steel, Amanda Gray
FTI Consulting Tel: +44 (0) 20 3727 1000
Alex Beagley
Fiona Walker
Rafaella de Freitas
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.
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END
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