GYG PLC New Build Contract Wins
26 September 2019 - 8:02AM
RNS Non-Regulatory
TIDMGYG
GYG PLC
26 September 2019
26(th) September 2019
GYG plc
("GYG", the "Company" or the "Group")
New Build Contract Wins
GYG (AIM: GYG), the market leading superyacht painting, supply
and maintenance company, is pleased to announce that it has signed
contracts for two New Build projects in Northern Europe. These
orders come from an existing shipyard partner and the yachts are
60+ meters and 70+ meters respectively. Both vessels are currently
under construction and the Group is scheduled to start work on both
projects in H1 2020.
These important contract wins are testament to management's
strategic focus on increasing the Group's market share in the New
Build sector through the continued development of its relationships
with the major New Build shipyards. These long-term supplier
relationships provide better visibility of the forward Order Book
and reduce the impact of seasonality in the Refit market on the
Group.
Remy Millott, CEO of GYG commented:
"I am pleased to have signed these two New Build contracts on
the first day of the Monaco Yacht Show. These projects strengthen
our Order Book for 2020 and further increase our market share in
the important New Build sector. The commercial team is working on
more opportunities with our major shipyard partners and I look
forward to updating shareholders on our progress."
For further information:
GYG plc via FTI Consulting
Remy Millott, Chief Executive Tel: +44 (0) 20 3727 1000
Officer
Kevin McNair, Chief Financial
Officer
Zeus Capital Limited (NOMAD & Tel: +44 (0) 20 3829 5000
Broker)
John Goold, Dominic King
Dan Bate, Nick Cowles, Ben Burnett
FTI Consulting (Financial PR) Tel: +44 (0) 20 3727 1000
Alex Beagley
Fiona Walker
Sam Macpherson
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, Rolling Stock, Pinmar Supply,
Pinmar USA, Techno Craft and ACA Marine. 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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