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Shell Extends Helicopter Contract with Caverton

LAGOS, NIGERIA – 26 JUNE 2015 – Caverton Offshore Support Group PLC (COSG), a leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria is pleased to announce that SHELL PETROLEUM DEVELOPMENT COMPANY  has exercised contract extension options with its subsidiary Caverton Helicopters Limited for a two year period. 

Caverton won a 5 year contract with SHELL in 2010 for the operation of 6 helicopters servicing Shell Companies in Nigeria.  The extension will see Caverton servicing the company till 2017.

Olabode Makanjuola, Caverton’s Chief Executive Officer, said ‘We are delighted and encouraged that Shell continues to build on this partnership started years ago.” Over a four year period prior to the award of the contract, through a rigorous process of engagements, audits and  reviews, our processes had been honed in accordance to Shell’s requirements and operating standards. As part of Shell’s commitment to grow in-country capacity, Caverton participated and won a five (+2) year tender to provide 6 x AW139 helicopters for Shell operations in Nigeria. To further demonstrate commitment to National Content Development, Shell provided opportunity for a ‘soft’ loan knowing full well the challenges present in the financial sector of the Nigerian economy. This investment has positioned Caverton as one of the biggest aviation logistics provider in the sub-Saharan region. 

During the five years of the contract, through a structured performance monitoring system, Shell has encouraged Caverton in building capacity in safety and quality standards thus positioning Caverton as a reference point for best global aviation practices. 

It should be recalled that in 2014, The Production Directorate of Shell awarded Caverton the ‘Safety Conscious Contractor of the Year Award’ in the Medium and High Risk Category while commemorating 75 million Lost Time Injury (LTI) free man-hours. Justifying the award Shell said: “Caverton Helicopters developed safety programs to improve staff safety culture. Raising the bar engagement sessions, Safety Survey and ‘Aim for Zero’ Campaign and actively ready to learn from previous incidents.” 

Caverton has in turn demonstrated commitment to Nigerian Government’s ‘Local Content Policy’. Caverton has trained and has given type rating training to many local pilots and engineers. There is also an ongoing program to train local pilots and engineers year on year. Some Nigerians in Diaspora have been encouraged to come home and take up senior positions within Caverton.

In summary, Mr. Bode Makanjuola Caverton’s CEO stated “All in all, our story cannot be written without Shell. Caverton is a testament to Shell’s commitment to building in-country capacity and giving back as a responsible corporate citizen.”

COSG 1H 2015 Results - Press Release

Financial results for the period ended June 30, 2015


LAGOS, NIGERIA – 31 JULY 2015 – Caverton Offshore Support Group PLC (COSG), the leading provider of marine, aviation and logistics services to local and international oil andgas companies in Nigeria today announces its unaudited 2015 half year results. The result show revenue of N11.9 billion, a 5% decrease over same period last year and a 2% drop in indirect operating expenses compared to half year 2014.

Commenting on the results, CEO of COSG PLC, Mr Bode Makanjuola said “While the oil and gas operating environment continues to be challenging, we remain optimistic business sentiments will shift for the better. We witnessed a 12% increase in contract revenue, but overall, revenue slowed due to a softer ad-hoc market. The increase in direct operating costs was mainly due to lease of assets to service our growing clientele.”

“We will continue to maintain efficient use of our human and capital assets and align our services to the prevailing business environment. With the signing of our two year contract extension with Shell, in addition to increasing interest for support services from Nigerian Oil Companies (NOC’s), we hope to continue to grow revenue on the contract side.”

Mr. Bode Makanjuola further stated that “We will continue to take advantage of available opportunities to increase our market penetration in Nigeria as well as geographical diversification across Sub-Saharan Africa. We are also making in-roads into non-oil and gas sectors of the economy. Our planned development of the first aviation training centre and aviation maintenance, repair and overhaul services in Nigeria remains on course.”

Group Financial highlights
 Revenue of N11.9m
 Operating Profit (excluding other operating income) of N1.88b
 Profit before tax of N1.77b
 Profit after tax of N1.09b
 EPS of 33 kobo

Profitability Ratios
 EBITDA Margin of 25%
 Net Profit Margin of 9%
 EBITDA/Interest Expense of 3.65x

Capital Structure Ratios
 Net Debt/EBITDA of 4.27x
 Net Debt/Equity of 1.00x
 Net Debt/Operating Profit of 6.75x
 Net Debt/Total Capitalisation of 42%
 Total Debt/Total Capitalisation of 58%

Operational Highlights
 Caverton Helicopters signed a two year contract extension with Shell
 Sixth Annual General Meeting of CAVERTON OFFSHORE SUPPORT GROUP PLC held on 6th of May, 2015. Dividend of 10kobo for every N0.50 ordinary share paid to shareholders.
 Capt Josiah Choms MD Caverton Helicopters elected to the Board of HeliOffshore
 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.


Caverton Performs Closing Bell Ceremony at the NSE

COSG had the honor of closing the market at the trading floor of the Nigerian Stock Exchange on the 25th of November 2015, 19 months after listing as a PLC. On hand to witness this memorable occasion were the leadership of both Caverton Offshore Support Group and the NSE.

In his welcome address, Mr. Haruna Jalo-Waziri Executive Director Business Development who represented Mr. Oscar Onyema the Chief Executive Officer of NSE spoke about the advocacy rights with government to ensure that listed companies have value-added situations. The NSE among other things, is looking at the tax regime listed companies are subjected to with the aim of ensuring that a fair environment is created for listed companies to do business. He encouraged COSG to not lose faith due to the fall in the share price as share prices have been battered globally but to continue to deliver safe operations with zero accidents.

Mr. Bode Makanjuola, Chief Executive Officer COSG remarked that “although our share price has fluctuated, what is important is that we deliver best service to our clients. Although we had some reductions in contract scope in 2015, we are fortunate to have long term contracts and, we are hopeful that 2016 will end in a much better state. We continue to focus on working safe and delivering great service to our esteemed clients.”

Following the closing ceremony where Mr. Bode Makanjuola sounded the gong to declare the market closed for the day,  the Doyen of the Stock Exchange thanked Caverton “for abiding by  NSE regulations and submitting their reports in a timely manner.’’ Thereafter, Mr. Bode Makanjuola was interviewed by CNBC Africa in a live feed during the round-up of the day’s market on the program ‘Closing Bell’.


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Caverton commissions 6 – classroom blocks for the Ogunu community, Warri

Monday the 11th day of December 2017 was an exciting day for Caverton Helicopters Corporate Social responsibility (CSR) efforts in our Warri operations.  A modern, state of the art 6 classroom learning facility earlier constructed by the company was officially commissioned amidst fanfare in our host community (Ogunu Community) in Warri, Delta state.  The Caverton team to the event comprised of the Executive Director, Mr. Rotimi Makanjuola, Capt. Bello (Director of Operations (who represented the MD), Mr. Ayodele Omueti (Director of Corporate Services) and the local management team of our Warri operations.  Also attending the event were elders from the Ogunu community, officials of the Warri South Local Education Authority and pupils from the school.

Mr. Rotimi Makanjuola who read the address of COSG Chairman, Mr. Aderemi Makanjuola, thanked the Ogunu community for creating an enabling environment for the company to operate and assured them of more CSR projects in future. He expressed delight at the progress of Ogunu indigenes trained by Caverton Helicopters and currently employed by company. Capt. Bello who read the address of the MD of Caverton Helicopters surprised everyone by greeting the community representatives in their local language. Replying to the speeches, the Chairman of the Ogunu, Prince Hope Esharegharan community thanked the company and expressed delight that the company had kept their word in building and delivering the learning facility. The highlight of the event was the cutting of the ribbon by Mr. Rotimi Makanjuola to officially declare the building open for use and the unveiling of the commemorative plaque. Written on the plaque were these memorable words:

See pictures below of the well attended event. Congratulations to Caverton Helicopters and the Ogunu community!


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