24th Jan 2022 16:37
GYG PLC - Mallorca, Spain-based super-yacht painting, service and supply company - Signs new contracts and receives GBP2 million to restart refitting works on a vessel in February at the Nobiskrug shipyard in Rendsburg, Germany, which is scheduled for completion within the first half of 2022.
GYG remains in constructive negotiations for recommencing works on the two New Build projects.
"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," said Chief Executive Officer Remy Millott.
GYG will publish a trading update in February.
Current stock price: 50.00 pence, up 18% on Monday
12-month change: down 36%
By Dayo Laniyan; [email protected]
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