GYG PLC New Spray Filler Application on New Build Project

TIDMGYG

GYG PLC

15 December 2020

15 December 2020

GYG plc

("GYG" or the "Group")

GYG to use AkzoNobel's Awlgrip Awlfair SF (spray filler) on first Superyacht New Build project in Germany

GYG (AIM: GYG), the market leading superyacht painting, supply and maintenance company, is pleased to announce that one of the Group's New Build projects, M/Y Black Shark, which is being built by the Nobiskrug shipyard, will be the first German based Superyacht New Build project to utilise the new Awlgrip Awlfair SF spray filler application.

AkzoNobel, the market leading yacht coatings specialist, has been developing the Awlfair SF for 5 years and partnered with GYG to trial the application on large superyachts. Following successful trials in 2020, Black Shark marks the first GYG New Build project to benefit from this technology from the outset of the application stage. Awlfair SF is an advanced new superyacht fairing product that is applied by pressurised airless spray rather than by hand, which allows for wet-on-wet application and up to two coatings per day without the need for sanding between coats. The spray application also eliminates air pockets, resulting in reduced reworking and improved aesthetics.

Remy Millott, CEO of GYG commented:

"In addition to our global reach and turnkey service offering, the Group places a lot of emphasis on innovation. Consequently, we are extremely excited by this new technology and to be using the AkzoNobel Awlfair SF spray filler application on Nobiskrug's Black Shark project in 2021. This is a significant development for paint applicators; it will provide a step change to the quality of the fairing and will maximise the speed and efficiency of the application process, significantly cutting project lengths. We look forward to working with AkzoNobel on this exciting project and to continue partnering with them on other industry leading propositions."

For further information:

 
 GYG plc                          via FTI Consulting 
  Remy Millott, Chief Executive    Tel: [phone] 
  Officer 
  Kevin McNair, Chief Financial 
  Officer 
 N+1 Singer                       Tel: [phone] 
  Tom Salvesen 
  Peter Steel, Sebastian Burke 
 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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December 15, 2020 02:00 ET (07:00 GMT)