GYG PLC GYG Restart of Refit Works in Nobiskrug Shipyard (3044Z)

TIDMGYG

RNS Number : 3044Z

GYG PLC

24 January 2022

This announcement contains information which, prior to its disclosure, was inside information as stipulated under the UK version of article 7 of the Market Abuse Regulation (EU) No. 596/2014.

24 January 2022

GYG plc

("GYG", the "Company" or the "Group")

GYG Restart of Refit Works in Nobiskrug Shipyard

GYG (AIM: GYG), the market leading superyacht painting, supply and maintenance company, today provides an update regarding clear progress made on the most significant of the Company's contracts related to the Nobiskrug shipyard, which appointed administrators in April 2021. As announced at the time, the Company had three active contracts with the shipyard, with invoices outstanding totalling approximately EUR2.8m (excluding VAT).

GYG is pleased to confirm, in agreement with the new owners of the shipyard, the position relating to the refit project (the largest of the three contracts) is now resolved. New contracts have been agreed and GYG has received a payment of approximately EUR2m relating to historical work. The Company's Pinmar brand professionals will recommence work on the vessel in February, with this large project now scheduled for completion in H1 2022.

Constructive negotiations continue regarding recommencing works on the two New Build projects and the Company will provide an update in due course.

Similar to previous years, the Company will release a Full Year Trading update in February.

Remy Millott, Chief Executive Officer of GYG, commented:

"I am pleased to have reached a successful conclusion with the numerous parties involved on this complex refit project. The agreement reflects the perseverance of the client and GYG management to work together and deliver a clear solution from a complicated situation. Resolving this has been a key objective for the management team and demonstrates the importance of our position in the market as leaders in our sector."

ENDS

For further information:

 
 GYG plc                          via FTI Consulting 
  Remy Millott, Chief Executive    Tel: [phone] 
  Officer 
  Kevin McNair, Chief Financial 
  Officer 
 Singer Capital Markets           Tel: [phone] 
  Tom Salvesen 
  Peter Steel, Amanda Gray 
 FTI Consulting                   Tel: [phone] 
  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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January 24, 2022 02:00 ET (07:00 GMT)