GYG PLC Significant Refit Contract Signed
October 22 2020 - 2:00AM
RNS Non-Regulatory
TIDMGYG
GYG PLC
22 October 2020
22 October 2020
GYG plc
("GYG" or the "Group")
Significant Refit Contract Signed
GYG (AIM: GYG), the market leading superyacht painting, supply
and maintenance company, is pleased to announce the signing of a
major Refit contract for a 115+ metre yacht in Germany with works
scheduled to commence in Q420 and complete in H121.
This is the Group's largest turnkey project to date where it
will provide a number of Refit services including bespoke
scaffolding, hardware removal, caulking and complete repainting.
The scale and timeline of this project highlights the Group's
ability to deploy its unique turnkey solution efficiently and at
scale across Europe.
Remy Millott, CEO of GYG commented:
"The sales team headed up by our Group Commercial Director,
Rupert Savage, has achieved another milestone for the Group in
winning this significant contract in Germany, marking our largest
Refit to date. We continue to build on our recent momentum, as
disclosed in our Interim Results; the signing of such a project
underlines GYG's resilience and our ability to capitalise on
opportunities despite COVID-19. The superyacht industry in both New
Build and Refit remains robust and provides confidence on our
growth trajectory. This project, alongside the commencement of
several other previously announced Refit contracts demonstrates
that our disciplined focus continues to further strengthen our
record Order Book for the year ahead."
For further information:
GYG plc via FTI Consulting
Remy Millott, Chief Executive Tel: +44 (0) 20 3727 1000
Officer
Kevin McNair, Chief Financial
Officer
N+1 Singer Tel: +44 (0) 20 7496 3054
Tom Salvesen
Peter Steel, Sebastian Burke
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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