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Captain Josiah CHOMS elected HeliOffshore Board member

Captain Josiah CHOMS (PhD) far left is welcomed into the Board of HeliOffshore by it’s CEO Gretchen Haskins far right with the CEO’s of CHC, PHI, ERA, Bristow and WestStar Aviation.

LAGOS, NIGERIA –  19 MAY   2015 – Caverton Offshore Support Group Plc -COSG (Bloomberg: Caverton NL) the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria is proud to announce the election of Capt. Josiah Choms (PhD) - Managing Director Caverton Helicopters to the Board of HeliOffshore. The ceremony took place at the inaugural AGM of the board held in Lisbon.

HeliOffshore is a global safety-focused organization formed by major providers of offshore helicopter transportation namely Bristow, CHC, ERA and PHI. By his election to the Board, Caverton Helicopters have joined this renowned group in driving technology, setting flight safety standards, sharing best practices, and advocating for harmonized safety standards for offshore helicopter operations.

As the MD of Caverton Helicopters, Capt Choms brings to the Board more than 20 years continuous experience in fixed wing and rotary wing operations. He holds the Airplane Transport Pilot Licenses (Aeroplanes and Helicopters) and is a Certified Flight Instructor and an Authorized Examiner for the Nigerian Civil Aviation Authority.  He is also an ISO 9001:2008 Lead Auditor.

During his inaugural speech Capt Choms stressed the importance of sharing best safety practices amongst the HeliOffshore operating members. Implementing the HeliOffshore lessons ensures that the industry’s safety performance will further improve. This way, we will provide our passengers with the safest and most comfortable flight possible while proceeding to the offshore work-locations. Captain Choms indicated further that Caverton Helicopters is committed to the HeliOffshore-mission of “Collaborating for Safety” and that his talented safety professionals will play an active role in the Safety Activity Groups that have been formed by the association. Capt Choms thanked the Chairman of HeliOffshore Mr. Bill Chiles for his commitment to setting up this unique association between operators that normally compete fiercely.

It should be recalled that Capt Choms was appointed the MD of Caverton Helicopters as part of a strategic move to deepen the aviation logistics business of COSG. With the ongoing development of the aviation training centre (ATC) and Maintenance Repair and Overhaul facility (MRO), he has worked to enhance Caverton Helicopters position as the leading indigenous aviation logistics service provider for the oil and gas industry in Nigeria.  He was at the heart of the introduction of the state-of-the-art AW139 helicopter type into Caverton Helicopters.

As the first and only African to be so honoured, Capt. Choms’ election to the Board of HeliOffshore is a credit not only to Caverton Helicopters but also to Nigeria and indeed Africa as a whole as he will be able to contribute positively to the safety performance of the West African Offshore Aviation companies.

Caverton Appoints New Chief Financial Officer

LAGOS, NIGERIA—02 JUNE 2015— Caverton Offshore Support Group Plc (COSG) the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria has named Mrs Titilola Adigun as the new Chief Financial Officer with effect from July 1st 2015.

Mrs Titilola Adigun will take over from Mr. Sam Ileoma who retires from the position on June 30 2015.  Sam has had significant impact on COSG accounting systems and policies as we went through our transition to a publicly listed company and migrating our accounting system to the SAP Enterprise Resource Planning tool. We greatly appreciate his contribution to the growth of Caverton during his tenure and wish him all the best in his future Endeavour.

Mrs Titilola Adigun celebrates a decade milestone this year having joined COSG in 2005. She has held several management position of increasing responsibility within the Group such as Company Accountant, Group Internal Auditor, Tax Manager and Deputy CFO. In addition to her experience within COSG, She brings along a sound and well -rounded academic qualification and accreditation in her area of specialization. She is an accounting graduate from The Yaba College of Technology, Lagos, Nigeria. She is also an Alumnus of The Lagos State University, Ojo, Lagos, Nigeria, where she bagged a Masters degree in Business Administration with specialization in International Business.

She is presently a member of the Chartered Institute of Systems Auditors (CISA) and the Institute of Internal Auditors. She is also a member of the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Taxation of Nigeria.

On behalf of the Board, Management and Staff of the Caverton Offshore Support Group PLC, we thank Sam for his services and welcome Titilola to her new role as she brings the wealth of her experience to bear on this job and ensuring that Caverton remains the preferred offshore support logistics services provider in Nigeria.


Mrs Titilola Adigun, New Chief Financial Officer, COSG PLC



Local Content Policy

Caverton Helicopters is a Proudly Nigerian comapny committed to the promotion, entrenchment and development of national content in our human, materials and equipment sourcing placements.

We are committed to working with our various partners, clients and subcontractors to achieve adherence and exceedance of minimas in the NIGERIAN OIL & GAS INDUSTRY CONTENT DEVELOPMENT ACT 2010 (The Local Content Act) policy with an added attention to running safe, secure and global class quality operations consistent with NCARs and best aviation practices.

The Local Content Act, an act which derives from the Nigeria Content Policy focuses on the promotion of value addition to the Nigerian economy through the utilization of raw materials, products and services in order to stimulate growth of indigenous capacity.

Caverton has already blazed a trail in the development of young national pilots and engineers and the sourcing of financial guarantees locally to procure equipment for our operations and will continue to strive to deepen Nigerian content diligently in the coming years.

COSG Q3 Results - Press Release

Financial results for the period ended September 30, 2014


LAGOS, NIGERIA –  10 OCTOBER  2014 – Caverton Offshore Support Group PLC (COSG), the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria today announces its unaudited  Q3 2014 results. The results show an improvement in revenues, total operating margin and assets, a trend that is expected   to improve on last year performance.

 Commenting on the year-to-date   results, CEO of COSG PLC, Mr. Bode Makanjuola said,

“The steady implementation of our strategic plans is yielding good results.  Revenue grew 34% to N18.7 Billion driven by growing demand for helicopter charters that complemented our recurring revenues from fixed contracts. In addition we delivered improved operating performance as our margin was up from 10% last year to 23% as at September 2014.”

As part of our strategic plan to diversify our income base, our plan in partnership with CAE to build and operate    the first aviation training centre and aviation maintenance, repair and overhaul services in Nigeria remain on course.  Furthermore, we shall continue to explore our options for opportunities to increase our market penetration in other sub-Saharan African countries. We continue to progress our fleet expansion plans in the marine sector with the aim of supporting local and international oil and gas companies as they take their exploration and production activities further into the deep offshore. We are also committed to achieving the National Content Development targets as more indigenous pilots, engineers and seafarers get the required training to enhance their competence.

We are confident that our cost control measures combined with the roll out of our strategic growth plan positions us to improve profitability thereby adding significant value to the Group and for our shareholders.



Group Financial Highlights

  • Revenue up 34%  to N18.7b
  • Improved operating margin – up from 10% last year to 23% as at September 2014
  • Total Assets grew by 9% year on year
  • EBITDA margin 30%
  • Profit before tax  N3.1b (N2.5b  Sept 2013)
  • EPS  56kobo (45kobo Sept 2013)


Profitability ratios

  • EBITDA 30% ( 29% Sept 2013)
  • Net profit margin 10% (11% Sept 2013)
  • EBITDA/Interest Expense 4.6x (4.3x Sept 2013)


Capital Structure ratios

  • Debt/EBITDA  3.4x  (3.72x Sept 2013)
  • Net Debt/ Equity 1.38x (1.27x Sept 2013)
  • Net Debt/Operating Profit  4.14x (4.21 Sept 2013)
  • Net Debt/Total Capitalisation 58% (56% Sept 2013)
  • Total Debt/Total Capitalisation 60% (57% Sept 2013)


Operational Highlights

  • Contract signed with CAE, a global leader in the provision of flight simulators to operate the first commercial aviation training centre in the sub-Saharan African region.
  • AW139 Type Rating Course held for 13 Caverton engineers and two NCAA Inspectors. Course was delivered at Caverton facilities here in Nigeria by renowned training providers REH Aviation   LTD UK.
  • Caverton Marine Ltd –a subsidiary of Caverton Offshore Support Group PLC- received an AA categorization from NCDMB showing full compliance with Local Content Act as it pertains to Company and Asset ownership.
  • Caverton-RK -a joint venture between RKOffshore of Singapore and Caverton Marine Limited - awarded a contract to supply two Anchor Handling Tug supply vessels (AHTS) to Shebah Exploration and Production Company Limited (SEPCOL).
  • Successfully listed 3.35 billion shares on the Nigerian Stock Exchange by way of Introduction, the first indigenous oil services operator in the sector.
  • Won 2 year contract extension from TOTAL to further service the company into 2016.