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."


For further information:

 GYG plc                          via FTI Consulting 
  Remy Millott, Chief Executive    Tel: +44 (0) 20 3727 1000 
  Kevin McNair, Chief Financial 
 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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November 11, 2021 02:00 ET (07:00 GMT)

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