GYG provided an update regarding clear progress made on the most significant of the Company's contracts related to the Nobiskrug shipyard, which appointed administrators in April 2021. As announced at the time, the Company had three active contracts with the shipyard, with invoices outstanding totalling approximately €2.8 million. GYG also confirmed, in agreement with the new owners of the shipyard, the position relating to the refit project (the largest of the three contracts) is now resolved.

New contracts have been agreed and GYG has received a payment of approximately €2 million relating to historical work. The Company's Pinmar brand professionals will recommence work on the vessel in February, with this large project now scheduled for completion in H1 2022. Constructive negotiations continue regarding recommencing works on the two New Build projects and the Company will provide an update in due course.