GYG signs letter of intent for new-build yacht

Superyacht painting, supply and maintenance company GYG announced the signing of a letter of intent for a 100+ metre new build yacht in Europe on Friday, scheduled to start in the second quarter of 2021.

The AIM-traded firm said the “major project” would further develop its strategic focus on building relationships directly with the leading new build yards.

It said that strategy had delivered “continued success”, with GYG set to work on a record number of new build contracts in 2021.

“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,” said chief executive officer Remy Millott.

At 0942 BST, shares in GYG were down 1.68% at 73.25p.