GYG secures letter of intent for REV 182 project

GYG plc (GYG), the renowned superyachting paint, supply and maintenance company, has today announced that it has signed a Letter of Intent with the owner of the REV 182 research vessel project, Kjell Inge Røkke, which is due to be delivered in 2020. Upon completion the 182m vessel will the world’s largest privately funded research and expedition vessel. The REV project will be contracted to GYG’s Rolling Stock division, the order will include the supply and application of the exterior filler and paint system for specified areas of the vessel.

“We are delighted to be working on the build of the world’s largest ever explorer vessel with the REV 182 team. The decision to enter into this agreement with GYG as the fairing and painting contractor for this prestigious project further underpins the Group as the market leader in the emerging explorer sector,” comment Remy Millott, CEO of GYG. “GYG has unrivalled experience in this specialist field which, combined with its technical leadership and global after-service capability, provides significant reassurance to owners embarking on major new build projects.”

The REV project will be the third explorer vessel of this type that GYG has been contracted to work on in the last two years. GYG’s work on REV is scheduled to begin in 2019, further strengthening GYG’s order book, providing visibility of income and solidifying the businesses position in the new build market, an area that GYG has targeted as a key market for growth.

“GYG floated on the AIM market of the London Stock Exchange in 2017 with an intention and ambition to increase its presence in the New Build market and the signing of this LOI marks a significant milestone for the Group. We look forward to getting started on this exciting project in 2019,” continues Millott.

The REV 182 project has been commissioned to improve oceanographic understanding and search for sustainable and environmentally responsible solutions to issues affecting the world’s oceans, as well as explore the ocean’s wealth of biodiversity to find solutions to various medical and scientific conundrums. The vessels use as a superyacht will be secondary to its use as a research vessel. Independent scientists, marine experts and innovative thinkers will be selected from a global pool of talent and given access to the advanced technology on board REV.

Part of REV’s marine conservation programme will include the study of rare and endangered species of fish. Her highly advanced trawl and sampling system will allow the scientific community on board to selectively catch live species from a maximum depth of 3,000m, the scientists will also be able to watch a live feed as the fish are caught. Additionally, a moon pool on board will allow submersibles to be lowered into the water through a 7.7x5m opening in the bottom of the hull.

The REV project was discussed in detail at The Superyacht Forum 2017.  For further details on the REV Project and to register you interest in attending The Superyacht Forum 2018, click here. 

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