Refit Contract Signed

10 December 2020

GYG plc

("GYG" or the "Group")

Refit Contract Signed

GYG (AIM: GYG), the market leading superyacht painting, supply and maintenance company, is pleased to announce the signing of a Refit contract for a 100+ metre yacht.

The work is scheduled to commence in Europe in 2022, further improving the forward visibility of the Order Book, which remains at record levels, including eight New Build projects for delivery in the next two years. This is another significant turnkey project for the Group, utilising the Refit services including bespoke scaffolding, containment, hardware removal, caulking and complete repainting. It follows the recently announced signing of a 115+ metre yacht in Germany which is due to complete in H121.

This contract highlights our increasing average order value as a result of our market leading position in the premium 70m+ yacht market, as well as the turnkey range of global services we are able deploy at scale on vessels which are increasingly complex in nature.

Remy Millott, CEO of GYG, commented:

"I am pleased to have ended this calendar year with another substantial Refit contract in Europe. Despite the wider challenges faced internationally throughout 2020, the superyacht industry remains robust and resilient and our sales team, headed up by our Group Commercial Director, Rupert Savage, has worked hard to deliver numerous Refit and New Build contracts. Not only does this repeat business demonstrate our client's satisfaction for the level of service we provide, including the efficient deployment of our unique turnkey solution, but also by signing contracts for work commencing in 2022 it highlights their confidence in the outlook for the industry and market. The advanced bookings strengthen our Order Book and provides further stability and visibility over forward revenues for the years ahead."

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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 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.