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­Caverton Marine (CM) commenced operations in 1999 and is one of Nigeria’s fastest growing indigenous shipping companies.
­Caverton Helicopters (CH) commenced operations in 2002, established as a helicopter charter, sales and maintenance company.
­The activities of the two entities were consolidated into Caverton Offshore Support Group in June 2008.
­The combined group has a total of 700 employees operating out of 9 locations.


  • Caverton acquires first full flight AW139 simulator in Nigeria & Africa from Thales
  • Caverton moves towards adopting Ramco software solution
  • Caverton receives S76 C++


  • Caverton commences Chevron contract in Escravos
  • New Bell 407 and 412 fleet introduced into Caverton operations
  • Caverton introduces Heliwise for HUMS 


  • Caverton awarded 5 Year contract with Chevron
  • CSR: Construction of 6 blocks of Classroom for Ogunnu Community
  • H25 (formerly AS350) fleet introduced into Caverton operations 


  • Grand opening of new hanger in Port Harcourt
  • Construction of Maintenance Repair and Overhaul (MRO) facility progresses


  • Shell exercises contract extension option for a two year period
  • Capt. Choms MD Caverton Helicopters Elected to Board of Helioffshore
  • Signed  Helicopter Charter Service Agreement with NNPC
  • COSG migrates to SAP Enterprise Resource Planning tool


  • TOTAL Contract Extension
  • Cooperative Agreement signed with Petroleum Technology Training Fund to train 15 helicopter pilots
  • SEPCOL contract
  • Delivery of additional AW139 Helicopter
  • Caverton Signs Landmark Agreement with CAE to build and operate Training centre
  • Commissioning of 500-seater ‘CAVERTON HALL’ at Federal University of Technology Minna Niger State


  • Won a 3-year contract from Total Upstream
  • Won a 4-year contract Shell Petroleum Development Company



  • Won a 5-year contract from Cameroon Oil Transportation Company (a subsidiary of Exxon Mobil)


  • Won a 3-year contract  from Total Exploration
  • CM Signed JV agreement with RK offshore Ltd


  • CH was awarded a $630m 5-year contract with Shell Petroleum


  • CH passed the Shell audit
  • CH signed two technical agreements with Heli Union of France and Dancopter of Denmark


  • $133m Capital raise via a private placement.


  • Acquired 2nd LPG carrier
  • Chartered 1 LPG storage vessel
  • Acquired 2nd fixed wing craft
  • Commissioned 3rd operating base, Port Harcourt


  • Acquired 5 helicopters
  • Acquired 1st fixed wing craft


  • Acquired 1st tanker.
  • Acquired license to operate rotary wing aircraft
  • Commissioned 1st in-town heliport in Lagos.


  • Acquired 1st LPG carrier MV Awero
  • Commissioned 1st hangar
  • Obtained 1st in-town helicopter license


  • Commenced operations

IR Contact

Olaide Ajayi

Investor Relations Contact

Caverton Offshore Support Group

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COSG Q1 2015 Results - Press Release

Financial results for the period ended March 31 2015


LAGOS, NIGERIA –  30 APRIL   2015 – Caverton Offshore Support Group Plc (Bloomberg: Caverton NL) the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria today announces its unaudited  Q1 2015 financial results. The results show revenue of N5.6bn, a 6% increase over Q1 2014. Operating profit also came in 9% higher, highlighting improving operational efficiency.

Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola said, “Coming on the heels of a challenging business environment in 2014, the year 2015 is off to a slow start as the effect of  the devaluation in the Naira and elections dominated the industry during the first quarter.  Our net income was largely unchanged over the same period last year mainly due to higher finance cost. We continue to focus on reducing  our operational costs to offer cost effective solutions to our clients without compromising safety and improving the efficiency of our operations.  Our operating profit was 9% higher compared to same period last year.”

We remain focused on our near term strategic objectives which include:

  1. Fleet expansion: to support current tenders for marine and aviation services;
  2. Revenue diversification: gas transportation and pipeline surveillance for the marine business and the development of the aviation training centre (ATC) and Maintenance Repair and Overhaul centre (MRO). Within the aviation industry, our commitment towards developing the industry in Africa is evident in our ongoing investment in our  Training centre and MRO facility; this will position us as the one-stop service provider for both commercial and non-commercial aviation activities.
  3. Exploration of additional high growth markets within the Sub-Sahara region: there is opportunity to leverage capabilities, assets and cross market relationships within the African shelf.

Overall, we are making collaborative efforts across both aviation and marine operations to offer combined logistics solutions to IOC’s and NOC’s to support their operations.


Group Financial Highlights

  • Revenue up 6%  to N5.9b
  • Gross profit – up 7% over Q1 2014
  • EBITDA up 23% N1.2b over Q1 2014
  • Net Profit up 3% to N108m (Q1 2014: N104m)
  • EPS  3kobo (Q1 2014:3k)


Capital Structure ratios

  • Interest Coverage Ratio -  1.48x (Q1 2014: 1.87x)
  • Net Debt/ Equity -  1.00x (Q1 2014: 1.67x)
  • Net Debt/EBITDA -  10.20x (Q1 2014: 19.93x)
  • Total Debt/Total Capitalisation  -  57%  (Q1 2014: 64.5%)  
  • Total Asset Turnover – 15% (Q1 2014: 13.8%)


Operational Highlights

  • Sixth Annual General Meeting of CAVERTON OFFSHORE SUPPORT GROUP PLC will  hold on the 6th of May, 2015. Dividend of 10kobo for every N0.50 ordinary share to be paid to shareholders.
  • Caverton Helicopters signed a Helicopter Charter Service Agreement with Nigerian National Petroleum Company (NNPC).This service provision will cover offshore platforms operated by Nigerian Petroleum Development Company (NPDC) as well as all flight requests from other NNPC subsidiaries on a call-off basis.
  • COSG migrated its accounting platform to the SAP Enterprise Resource Planning Tool. The new system which was customized to meet accounting and reporting needs is a game changer for Caverton as it enables us to become more efficient and easily compliant with reporting standards.