TISG does not stop: activities carry on without delays

The Italian Sea Group S.p.A. (“TISG” or the “Company”), confirms that the production of orders in progress and refit activities carry on without any delay, despite the sanctions introduced by the EU towards Russia, stemming from the ongoing conflict in Ukraine. As of today, no order has been cancelled and there has been no delay in the payment of the existing contractual instalments.

It is to be reminded that TISG works exclusively on orders for shipowners, with the support of international brokerage companies, with contracts that provide for advance payments related to the progress instalments and, in case of default, the customer loses all the already made advanced payments; in merit, the vessel will remain in TISG’s property, giving to the Company the opportunity to resell the yacht immediately and realise an interesting capital gain.

For what concerns the Net Backlog’s exposure towards the Russian market, TISG declares that, as of today, there is only one existing contract with a Russian client; in particular, the Company needs to collect 6 million Euros related to the yacht’s delivery, scheduled for the beginning of 2023.
It is highlighted that the contracting entity is not included in those affected by international sanctions.

In relations to the comments appeared in the media, The Italian Sea Group, on the basis of the documentation in its possession and following the findings of the checks carried out by the relevant authorities, declares that the 140 metres yacht Scheherazade, currently in the shipyard for maintenance works, is not attributable to the property of Russian President Vladimir Putin.