New Build Letter of Intent signed

18 September 2020

GYG plc

("GYG" or the "Group")

New Build Letter of Intent signed

GYG (AIM: GYG), the market leading superyacht painting, supply and maintenance company, is pleased to announce the signing of a Letter of Intent for a 100+ metre New Build yacht in Europe, scheduled to start in Q2 2021. This major project further develops the Group's strategic focus on building relationships directly with the leading New Build yards. This strategy has delivered continued success and GYG will be working on a record number of New Build contracts in 2021.

Remy Millott, CEO of GYG commented:

"I am pleased to have signed this Letter of Intent and this project provides additional forward visibility on the Order Book and adds to the record number of New Build projects that GYG will be working on in 2021, further increasing market share in this important sector."

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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 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.