- Superyacht maintenance company GYG agreed terms for three new build projects in Northern Europe in its Pinmar division. The company also said its start to the year was in line with its expectations.

The first of the projects was the latest in a series of new builds for an existing shipyard partner which was scheduled to commence in fourth quarter 2019; the other two projects marked the start of a new relationship with a major new build yard, with the works due to start in 2020, the company said.

'These significant contract wins are a direct result of Management's strategic focus in 2018 to develop relationships with the major New Build shipyards,' the company said. 'The establishment of these long-term supplier relationships provides better visibility of the forward Order Book and reduces the Group's dependency on the seasonal cyclicality of the Refit market.'

The company said it was pleased with the start to 2019 which was in line with management expectations.

The Group was making 'good progress' in both New Build and Refit for the current year and beyond and would provide further information on refit and new build developments and the impacts of these on the order book in its final results for the year ended 31 December 2018, due to be released on 4 April 2019, the company added.

At 9:19am: [LON:GYG] GYG Plc share price was +2.5p at 56.5p

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