GYG PLC GYG Restart of Refit Works in Nobiskrug Shipyard (3044Z)
January 24 2022 - 1:00AM
UK Regulatory
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: +44 (0) 20 3727 1000
Officer
Kevin McNair, Chief Financial
Officer
Singer Capital Markets Tel: +44 (0) 20 7496 3000
Tom Salvesen
Peter Steel, Amanda Gray
FTI Consulting Tel: +44 (0) 20 3727 1000
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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END
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