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GYG No contract cancellations and a robust 2020 Order Book

GYG, the market leading superyacht painting, supply and maintenance company, today provides an operational update in the current COVID-19 environment.

In response to the evolving COVID-19 pandemic the Board has implemented contingency measures to ensure the health and wellbeing of its employees while maintaining services to clients. The Group is constantly monitoring the ever-changing situation across its global markets to ensure compliance with both national and local travel and health advisories. Currently, the Group is maintaining operations, albeit with more stringent health and safety protocols in place, in most of its shipyard locations in Northern Europe and the USA, with a reduced level in Spain and France. To the extent that operations have been suspended in certain shipyards, the Group´s work within those yards will have been delayed rather than lost as it principally relates to projects in process which will need to be completed as soon as operations recommence. In the meantime, GYG has been able to mitigate much of the commercial impact through the use of government support mechanisms which have recently been put in place. All back-office staff are working remotely, supported by our global IT systems.

GYG is a market leading superyacht painting, supply and maintenance company, offering services throughout the Mediterranean, Northern Europe & the USA. The group primarily trades under the Pinmar, Rolling Stock, Technocraft and ACA Marine brands.

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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.