GYG plc (LON: GYG), the market leading superyacht painting, supply and maintenance company, today announced that it has agreed terms for three New Build projects in Northern Europe in its Pinmar division for yachts over 70m+ in length. The first of the projects is the latest in a series of new builds for an existing shipyard partner which is scheduled to commence in Q4 2019; the other two projects mark the start of a new relationship with a major New Build yard, with the works due to start in 2020.
Remy Millott, CEO of GYG commented:
“I am very pleased to have been awarded these new contracts which further increase Pinmar’s share in the all-important New Build market. The management team has spent significant time engaging with shipyards across Europe and I am delighted that this hard work is delivering results. We will continue to target Northern European yards as we anticipate further growth from this segment of the business.
These significant contract wins are a direct result of Management’s strategic focus in 2018 to develop relationships with the major New Build shipyards. The establishment of these long-term supplier relationships provides better visibility of the forward Order Book and reduces the Group’s dependency on the seasonal cyclicality of the Refit market.
The Board is pleased with the start to 2019 which is in line with management expectations. The Group is making good progress in both New Build and Refit for the current year and beyond and will provide further information on Refit and New Build developments and the impacts of these on the Order Book in its Final Results for the year ended 31 December 2018, which are due to be released on 4 April 2019
