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COSG attends Special Olympics Patrons Cocktail

The Special Olympics Nigeria held their annual patrons cocktail to recognize the donors who sponsored special athletes to the Special Olympics game in Los Angeles. COSG was represented by Mr. Tolu Osunsanya – Acting Managing Director Caverton Marine Ltd and Ms. Joy Okebalama –GM External Relations COSG.  The two athletes sponsored by COSG won gold medals in Table Tennis.   In all, the special athletes won 71 medals which were mostly in the Gold category. The cocktail which was sponsored by and held at Southern Sun Hotel Ikoyi Lagos was graced by sponsors from different industries, the Board of Special Olympics, Athletes and some family members. 

  • Ms. Joy Okebalama GM Ext Relations accepting a gift from Mrs Nike Ibirogba, Board Special Olympics Nigeria with Ms. Naomi Saliu-Lawal, National Director Special Olympics and Mr. Tolu Osunsanya Acting Managing Director Caverton Marine Ltd.jpg
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    Ms. Joy Okebalama GM Ext Relations accepting a gift from Mrs Nike Ibirogba, Board Special Olympics Nigeria with Ms. Naomi Saliu-Lawal, National Director Special Olympics and Mr. Tolu Osunsanya Acting Managing Director Caverton Marine Ltd.jpg

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



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
  • Commenced construction of Maintenance Repair and Overhaul (MRO) facility.obal





Notice Of Annual General Meeting

NOTICE IS HEREBY GIVEN that the 10th Annual General Meeting of CAVERTON OFFSHORE SUPPORT GROUP PLC will be held at the Civic Centre, Ozumba Mbadiwe Street, Victoria Island, Lagos, Nigeria on Tuesday the 21st of May, 2019 at 10:00am to transact the following business:



1. To lay before the Members the Audited Financial Statements of the Company for the year ended 31st December 2018 together with the Reports of the Directors, Auditors and Audit Committee thereon.

2. To declare a dividend.

3. To re-elect the following Directors retiring by rotation:

i. Mr. Akin Kekere-Ekun

ii. Mr. Bashiru Bakare

iii. Mallam Bello Gwandu

4. To authorize the Directors to fix the remuneration of the Auditors.

5. To elect members of the Audit Committee.


6. To fix the remuneration of Directors.

7. To authorize the renewal of recurrent transactions which are of trading nature or those necessary for its day-to-day operations from related companies in accordance with the Rules of the Nigerian Stock Exchange governing transactions with related parties.



A member of the company 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 2018

To be valid, a completed and duly stamped proxy form must be deposited at the office of the Company’s Registrars, United Securities Limited, 10 Amodu Ojikutu Street, Victoria Island, Lagos not less than 48 hours before the time fixed for the meeting.


If the proposed dividend of 25 kobo per ordinary share is approved, subject to appropriate withholding tax, it will be payable on Tuesday, May 21, 2019 to Shareholders whose names are registered in the Register of Members at the close of business on May 7, 2019. Shareholders who have completed the e-Dividend Mandate Forms will receive a direct credit of the dividend into their bank accounts on the date of the Annual General Meeting.


Shareholders are kindly requested to update their records and advise United Securities Limited of their updated records and relevant bank accounts for the payment of their dividends. Detachable forms in respect of mandate for e-dividend payment, unclaimed/stale dividend payment and shareholder data update are attached to the Annual Report for convenience. The duly completed forms should be returned to the office of the Registrars, United Securities Limited, 9 Amodu Ojikutu Street, Victoria Island, Lagos.


The register of Members and transfer books of the Company will be closed on the 8th of May, 2019 to enable the Registrar prepare for payment of dividend.


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.

Kindly note that the provisions of the Code of Corporate Governance issued by the Securities and Exchange Commission (SEC) indicates that members of the Statutory Audit Committee should have basic financial literacy and be knowledgeable in internal control processes.

In view of the foregoing, nominations to the Statutory Audit Committee should be supported by the Curricula Vitae of the nominees.


Shareholders 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. Shareholders may also submit questions prior to the Meeting in writing to the Company, in line with the Rule 19.12 (c) of the Listing Rules of the Nigerian Stock Exchange. Such questions should be addressed to the Company Secretary and reach the Company at its Head Office at 1 Prince Kayode Akingbade Close, Victoria Island, Lagos not later than 7 days to the date of the Meeting.


Shareholders are hereby informed that a number of share certificates and dividend warrants have been returned to the Registrars as “unclaimed”. A list of all unclaimed dividend will be circulated with the Annual Report and Financial Statement. Any member affected by this notice is advised to write to or call at the office of the Company’s Registrars, United Securities Limited, 9 Amodu Ojikutu Street, Victoria Island, Lagos during normal working hours.


The profile of all Directors are available for viewing on the Company’s website,, and are also provided in the Annual Report  Click here to access Annual Report 2018


A copy of this Notice and other information relating to the meeting can be found at



Amaka Pamela Obiora

Company Secretary / Legal Adviser


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