GYG plc (LON: GYG), the market leading superyacht painting, supply and maintenance company, has today announced 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.”
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.