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Caverton Sponsors Special Athletes to the Special Olympics World Games

COSG responded to an appeal by Special Olympics Nigeria to sponsor athletes to the Special Olympics World Games holding in Los Angeles, California USA from 25 July to 2 August, 2015.

The Special Olympics Nigeria provides an opportunity for people with intellectual disabilities to participate and compete in sports, empowering them with the opportunity to become accepted and valued members of their communities. For more than forty-six years, Special Olympics has shown how the common bond of sport fosters more harmonious communities – places in which each person is welcome and contributes to the strength and vibrancy of the whole. The Special Olympics athletes taking part in these Games will compete in an atmosphere of dignity, showing the world the limitless potential of people with intellectual disabilities. 

Team Nigeria will be represented by 42 athletes with great opportunity for medals in track and field, aquatics, basketball, badminton, cycling, table-tennis and football.

In furtherance of our Corporate Social Responsibility ideals, COSG donated the sum of =N=2,500,000 (two million, five hundred thousand naira) to the appeal fund.

Here’s praying the athletes come back home with some medals and make Nigeria proud!

  • Ms. Naomi Saliu-Lawal, National Director Special Olympics Nigeria receives the donation from Ms. Joy Okebalama GM External Relations COSG.jpg
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    Ms. Naomi Saliu-Lawal, National Director Special Olympics Nigeria receives the donation from Ms. Joy Okebalama GM External Relations COSG.jpg

COSG 2015 FYE Results - Press Release

Financial results for the period ended December 31, 2015

CAVERTON REPORTS SLIGHT DROP IN REVENUE BUT PROFIT REMAINS FLAT FOR FY2015. 

 

LAGOS, NIGERIA –  31 MARCH   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 audited 2015 FY results. The result show a 7% drop in revenue while profits remained flat compared to last year.  Administrative expenses however declined by 16% which highlights our continued effort at streamlining our operations. Earnings per share retained last year level at 29 kobo.

Commenting on the year end results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola said, “The slide in oil prices with the resultant reduction of activities by international and local oil and gas companies continue to impact the service sector of the industry. Whilst we had new support contracts signed during the year, we have had reduction in the work scope and rate of existing contracts.” 

He further stated that “part of our strategy to weather the current challenging business environment is to continue to focus on cost efficiency without compromising on our safety standards. The implementation of our strategy to increase service offerings is ongoing as we have commenced construction of the Maintenance, Repair and Overhaul facility in Ikeja Lagos.  We will also continue to explore other innovative solutions in support of deep and shallow water operations in both marine and aviation business.”

It should be noted that Caverton has the largest fleet of AW139 in Nigeria and is an authorized Service Centre for Agusta Westland.

  

Group Financial Highlights

  • Revenue of N23.2b down by 7%, (N24.9b December 2015)
  • Operating Profit (excluding other income) of N2.5b down 32%, (N3.7b December 2015)
  • EBITDA also down by 10% year – on -  year to N5.4bn in FY 2015.
  • Profit before tax of N1.7b down 35%, (N2.7b December 2014)
  • EPS is 29 kobo (29 kobo December 2014)

 

Profitability Ratios

  • EBITDA Margin of 26% (27% December 2014)
  • Net Profit Margin of 4% , same as previous year
  • EBIT/Interest Expense of 1.9x, (3.0x December 2014)

 

Capital Structure ratios

  • Net debt/EBITDA of 1.8x (1.7x December 2014)
  • Net debt/Equity of 0.8x (0.8x December 2014)
  • Total Debt/Total capitalization of 50% (51% December2014)
  • Asset turnover of 59% (68% December 2014)

 

Operational Highlights

  • Capt Josiah Choms MD Caverton Helicopters was elected to the Board of HeliOffshore.
  • Capt Josiah Choms (MD Caverton Helicopters Ltd) and Mrs. Titilola Adigun (Group CFO) were appointed as board members of the Board of Directors for the Group.
  • In the year in review, we successfully signed on four new key clients in our helicopter operations.gl
  • Commenced construction of Maintenance Repair and Overhaul (MRO) facility.obal

 

                                                         

 

 

Notice Of Annual General Meeting

NOTICE IS HEREBY GIVEN that the 8th Annual General Meeting of CAVERTON OFFSHORE SUPPORT GROUP PLC (COSG) will be held at the Civic Centre, Ozumba Mbadiwe Street, Victoria Island, Lagos, Nigeria on Thursday the 18th of May, 2017 at 10:00am to transact the following business:

ORDINARY BUSINESS:

  • To present and consider the Audited Financial Statements for the year ended 31st December 2016 together with the Reports of the Directors, Auditors and Audit Committee thereon.
  • To re-elect retiring Directors.
  • To authorize the Directors to fix the remuneration of Auditors for the ensuring year.
  • To elect/re-elect members of the Statutory Audit Committee.

 

SPECIAL BUSINESS: 

  • To fix remuneration of Directors.

 

NOTES:

PROXY

A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote in his/her stead. Proxies need not be members of the Company. A blank proxy form is attached to the Annual Report.

Click here to access Annual Report 2016 & Accounts

To be valid, a completed and duly stamped proxy form must be deposited at the office of the Registrar, United Securities Limited, 9 Amodu Ojikutu Street, Victoria Island, Lagos not less than 48 hours before the time fixed for the meeting.

CLOSURE OF REGISTER OF MEMBERS

The register of Members and transfer books of the Company will be closed on the 4th of May, 2017 to enable the Registrar to prepare the register of shareholders eligible to attend and vote at the meeting.

STATUTORY AUDIT COMMITTEE

In accordance with section 359(5) of the Companies and Allied Matters Act, 1990, any shareholder may nominate a shareholder for appointment to the Audit Committee. Such nomination should be in writing and should reach the Company Secretary at least 21 days before the Annual General Meeting.

SHAREHOLDERS' RIGHT TO ASK QUESTIONS

Shareholders of the Company's securities reserve the right to ask questions not only at the meeting but also in writing on any matter, subject or issue contained in the Annual Report and Accounts. Such questions must be submitted to the Company Secretariat Department, COSG PLC, 1 Prince Kayode Akingbade Close, Victoria Island, Lagos on or before 15 May 2017. 

UNCLAIMED DIVIDENDS

Some dividends remain unclaimed or are yet to be claimed by affected shareholders. A list in respect of same is circulated with the Annual Report and Financial Statements. Members affected are advised to write or call at the office of the Registrars of the Company, United Securities Limited, 9 Amodu Ojikutu Street, off Bishop Oluwole Street, Victoria Island, Lagos. In compliance with directives issued out by the Securities and Exchange Commission, issuance of dividend warrants to shareholders will stop on the 31st of July, 2016. It therefore implies that effectively August 1, 2017 dividends shall be paid electronically to only shareholders with bank details record.

BIOGRAPHICAL DETAILS OF DIRECTORS FOR ELECTION OR RE-ELECTION

Biographical details of Directors standing for election or re-election are provided in the Annual Report.

WEBSITE

A copy of this notice and other information relating to the meeting can be found at  www.caverton-offshore.com

 

DATED THIS 25TH DAY OF APRIL 2017

 

BY ORDER OF THE BOARD

 

 

AMAKA OBIORA

Company Secretary

FRC/2015/NBA/00000011302

1, Prince Kayode Akingbade Close, Victoria Island, Lagos. 

COSG 2016 Q1 financial results for the period ended March 31, 2016

Group revenues dropped in the quarter due slower business activities in the oil and gas space; however continued efforts to curb costs and increase efficiency across the group resulted in a 20% drop in directing operating expenses. 

LAGOS, NIGERIA – 29 APRIL 2016 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 results for the first quarter of 2016.


Group Financial Highlights
• Revenue down 26% to N4.4BN
• Total Operating Costs also down by 25% y-o-y
• Operating Profit at N538MN is 14% lower y-o-y
• Net debt of N11.5BN down 6% from 31st December, 2015
• EPS flat at N0.03


Operational Highlights
• There is reduced demand for offshore support activities in the O & G space but we continue to boost our efforts in diversifying our services to other sectors of the economy
• In line with this, we signed a new 5-year contract in our helicopter operations to manage and operate a fleet of aircraft for the Lagos State Government
• We are also making steady progress with the construction of our new Maintenance, Repair & Overhaul facility (MRO) at our Ikeja base; timeline for delivery of the MRO is still on track for end of 2017
• We maintained our 0.00 Air Accident Rate in the quarter as we continue to enforce our international safety standards

Commenting on the interim results, Mr. Bode Makanjuola, the Group CEO said, “Whilst 2015 was a tough year in the O&G space, we are cautiously optimistic that the persisting oversupply in the industry is not sustainable; our view is that oil prices will stabilize by the second half of the year based on recent trends which will be positive for our operations within that space. Furthermore, we are working tirelessly to broaden our service offerings
through diversification into other sectors, as well as geographically into newer markets in a bid to boost our non – O&G revenues”.
He further stated that “in the quarter, we successfully signed a new 5-year contract for helicopter management services which highlights our ongoing diversification efforts. We are also in the process of concluding terms of a new contract in our helicopter operations which we expect to have a significant impact on the scale of our business. Overall, our strategy is to remain diligent in our operations by offering cost effective offshore support logistics services to a broad range of clients without compromising on our safety standards”.

 


About Caverton
Caverton is one of Nigeria’s leading oil services companies providing solutions for a range of multinational companies across aviation and marine services.
Caverton Marine, one of the fastest growing indigenous shipping companies commenced operations in 1999 while Caverton Helicopters a helicopter charter, sales and maintenance company was established in 2002.
Both companies were consolidated to form Caverton Offshore Support Group on 2nd June 2008. The group’s focus and primary business is to provide logistics and environmental support services to oil and gas fields with broader plans to support energy operations along the West African shelf as well as other ancillary support services.
Caverton has a young and growing fleet of vessels and aircraft operating out of nine locations.
The company has an impressive client base which includes Shell, Total, ExxonMobil, Folawiyo Aje Services and NNPC among others.

News Update

22-08-2017

CAVERTON Expands Existing Bell Helicopter Fleet with Eight 407GXPs

Interview with MD Caverton Helicopters PART 1 Watch here 
22-08-2017
Interview with MD Caverton Helicopters PART 2 Watch here 
 
21-08-2017

CAVERTON SECURES 5-YEAR LOGISTICS CONTRACT WITH CHEVRON

CAVERTON Offshore Support Group Plc has secured a five year logistics support contract from Chevron Nigeria Limited, the operator of NNPC/CNL Joint Venture, for the provision of aviation services Read more 
 
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