GYG PLC Letter of Intent Signed
February 05 2018 - 1:00AM
RNS Non-Regulatory
TIDMGYG
GYG PLC
05 February 2018
5 February 2018
GYG plc
("GYG" or the "Group")
LOI signed for the largest research and expedition vessel in the
world
GYG, a market leading superyacht painting, supply and
maintenance company, announces that it has signed a Letter of
Intent ("LOI") with the owner of 'REV 182', the world's largest
research and expedition vessel currently under construction. The
182 metre vessel, which is scheduled to be delivered in 2020, will
be contracted to the Group's Rolling Stock division and the order
includes the supply and application of the exterior filler and
paint system for specified exterior areas of the vessel.
This is the third explorer vessel of this type that GYG has been
contracted to work on in the last two years, further establishing
itself as the specialist in this type of market. The works are
scheduled to commence in 2019, further strengthening the order book
and providing a good visibility of income for the Group.
Due to enter the water at Norwegian yard VARD in 2020, REV 182
has been designed by superyacht specialist Espen Ă˜ino and will be
the largest research and expedition vessel ever built. Her 14
cabins will accommodate up to 28 charter guests, scientists and
marine conservation enthusiasts and a core research crew of 30.
The vessel has been commissioned with the goal to improve
understanding and search for more sustainable and environmentally
responsible solutions for the world's oceans. Independent
scientists, marine experts, and innovative thinkers from all over
the world will be given access to the ship and the advanced
on-board technology in pursuit of this ambition.
Part of REV 182's marine conservation programme will include
studying rare and endangered species of fish. Her highly advanced
trawl and sampling system is able to selectively catch live species
from a maximum depth of 3,000 metres below the surface and give
scientists a live visual feed as the fish are caught. A moon pool
on board will allow submersibles to be lowered into the water
through a 7.7 metre x 5 metre opening in the bottom of the
hull.
Remy Millott, Chief Executive of GYG plc, commented:
"We are delighted to be working on the build of the world's
largest ever explorer vessel with the REV 182 team. The decision to
enter into this agreement with GYG as the fairing and painting
contractor for this prestigious project further underpins the Group
as the market leader in the emerging explorer sector. GYG has
unrivalled experience in this specialist field which, combined with
its technical leadership and global after-service capability,
provides significant reassurance to owners embarking on major new
build projects.
"GYG floated on the AIM market of the London Stock Exchange in
2017 with an intention and ambition to increase its presence in the
New Build market and the signing of this LOI marks a significant
milestone for the Group. We look forward to getting started on this
exciting project in 2019."
Enquiries:
GYG plc via FTI Consulting
Remy Millott, Chief Executive Tel: +44 (0) 20 3727 1000
Officer
FTI Consulting (Financial Tel: +44 (0) 20 3727 1000
PR)
Alex Beagley
Fiona Walker
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.
Superyachts require a major survey service every five years to
comply with certain class, maritime laws and insurance
requirements. Owners typically undertake an annual haul out and
general maintenance to remain ahead of the service intervals and to
keep the vessels in optimum condition. Owners often use the major
servicing period as an opportunity for repainting the vessel,
providing GYG with a source of repeat business.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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