Significant Refit Contract Signed

22 October 2020

GYG plc

("GYG" or the "Group")

Significant Refit Contract Signed

GYG (AIM: GYG), the market leading superyacht painting, supply and maintenance company, is pleased to announce the signing of a major Refit contract for a 115+ metre yacht in Germany with works scheduled to commence in Q420 and complete in H121.

This is the Group's largest turnkey project to date where it will provide a number of Refit services including bespoke scaffolding, hardware removal, caulking and complete repainting. The scale and timeline of this project highlights the Group's ability to deploy its unique turnkey solution efficiently and at scale across Europe.

Remy Millott, CEO of GYG commented:

"The sales team headed up by our Group Commercial Director, Rupert Savage, has achieved another milestone for the Group in winning this significant contract in Germany, marking our largest Refit to date. We continue to build on our recent momentum, as disclosed in our Interim Results; the signing of such a project underlines GYG's resilience and our ability to capitalise on opportunities despite COVID-19. The superyacht industry in both New Build and Refit remains robust and provides confidence on our growth trajectory. This project, alongside the commencement of several other previously announced Refit contracts demonstrates that our disciplined focus continues to further strengthen our record Order Book for the year 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.