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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.

CAVERTON REPORTS N1.1BILLION PROFIT BEFORE TAX FOR 2016 FINANCIAL YEAR

CAVERTON OFFSHORE SUPPORT GROUP PLC

Audited Financial Results for the Period Ended December 31, 2016

  CAVERTON REPORTS N1.1BILLION PROFIT-BEFORE-TAX FOR 2016 FINANCIAL YEAR  

LAGOS, NIGERIA –  31 MARCH   2017 – 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 2016 FY results. The 2016 FY results show a Profit before tax of N1.1bn, (and an after-tax profit of N612m), even though revenue and Profit-after-tax experienced a drop by 17% and 38%, respectively, compared to last year.  Earnings per share also dropped by 38% compared to last year.  On the other hand, both the Direct Operating Costs and Administrative expenses, declined by 20% and 37%, respectively, which highlights our continued effort at streamlining our operations and cost reduction.

Commenting on the year end results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola said that 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 the construction of the Maintenance, Repair and Overhaul facility in Ikeja Lagos is at an advanced stage.  We will also continue to explore other innovative solutions in support of deep and shallow water operations in both marine and aviation business. We have continued to ensure that Caverton maintains its position as operator of the largest fleet of AW139 in Nigeria and an authorized Service Centre for Agusta Westland.

Below are some of the highlights of the audited 2016 Financial Year Results:

Group Financial Highlights:

  • Revenue for 2016 is N19.3b,  (N23.2b December 2015)
  • Operating Profit, (excluding other income), is N2.2b, (N2.7b December 2015)
  • EBITDA for the year is N3.7bn, (N5.4bn December 2015).
  • Profit before tax of N1.1b, (N1.77b December 2015)
  • EPS is 18 kobo, (29 kobo December 2015)

Profitability Ratios

  • Gross Margin of 40% (37% December 2015)
  • EBITDA Margin of 19% (26% December 2015)
  • Net Profit Margin of 3% (4% , December 2015)
  • EBIT/Interest Expense of 1.7x, (1.9x December 2015)

Capital Structure ratios

  • Net debt/EBITDA of 3.7x (2.6x December 2015)
  • Net debt/Equity of 1.02x (1.1x December 2015)
  • Total Debt/Total capitalization of 1.5% (1.7% December2015)
  • Asset turnover of 47% (59% December 2015)

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 2ndJune 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 aircrafts operating out of nine locations. The company has an impressive oil and gas client base which include Shell, Total, ExxonMobil, NNPC, Aiteo, Aje-Folawiyo, and Chevron, among others.

For more information, visit the company’s website at www.caverton-offshore.com

CAVERTON OFFSHORE SUPPORT GROUP - PRESS RELEASE ON PROFIT WARNING

PRESS RELEASE ON PROFIT WARNING

Caverton Offshore Support Group Plc announces that Q2 2016 profit will be

materially lower than expected

LAGOS, NIGERIA – 27 JULY 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 expects to report materially lower earnings for the period ending 30th June 2016 largely due to the unavoidable impact of the recent Naira devaluation which took place within the second quarter of the year.

The impact of the recent Naira devaluation by the Central Bank of Nigeria is expected to result in unrealized foreign translation loss arising largely from the groups’ dollar denominated borrowing used to finance core assets in both its Helicopter and Marine businesses. We continue to focus our efforts on diversifying and increasing our revenue streams and also improving our profitability through expansion into higher margin offshore service offerings.

Management is confident that its ongoing initiatives and investment across its value chain will provide improved future performance, positioning it for long term success.

Further information will be disclosed following the release of the H1 2016 unaudited financial results.

 

About Caverton

Caverton Offshore Support Group is one of Nigeria’s leading offshore support services companies providing a range of logistics and environmental support services primarily to the oil and gas industry 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 strategic locations. The company has an impressive client base which includes Shell, Total, ExxonMobil, Folawiyo Aje Services and NNPC among others.

CAVERTON PROFIT BEFORE TAX CLIMBS BY 70% Q1 2017

CAVERTON OFFSHORE SUPPORT GROUP PLC

Unaudited Financial Results for the Period Ended March 31, 2017

 CAVERTON PROFIT BEFORE TAX CLIMBS BY 70% TO N355MILLION, AS REVENUE INCREASES BY 16% IN THE FIRST QUARTER

 LAGOS, NIGERIA –  31 MARCH   2017 – 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 First Quarter, 2017, results. The results show a Profit before tax of N355million, (and an after-tax profit of N215million). A revenue increase of 16% and direct operating costs improvement by 19% support impressive earnings per share increase by 96% compared to Q1 2016. 

Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola said that the results further highlight the continued commitment of streamlining our operations in the face of tough economic conditions and reduction of activities by International and Local Oil and Gas companies which continue to impact the service sector of the industry.  He further stated that apart from our continued focus on cost efficiency, evident from the decline in operating costs by 19% in the first quarter of 2017, (compared to Q1, 2016), we are equally focused on further expanding our business model and service offering. Our Maintenance Repair and Overhaul (MRO) facility in Lagos, when completed will herald a new age in the Nigerian aviation sector and better fortune for the company and industry at large. While the marine service sector has been impacted negatively by the reduction in patronage and services, we are actively re-strategizing and positioning the company to pursue opportunities within and out of the oil and gas sector.   

Below are some of the highlights of the unaudited First Quarter, 2017 Results:

Group Financial Highlights:

  • Revenue is N5.1b,  (N4.4b March 2016)
  • Operating Profit, (excluding other income), is N722m, (N418m March 2016)
  • EBITDA is N1.02b, (N953m March 2016).
  • Profit before tax is N355m, (N209m March 2016)
  • EPS is 6 kobo, (3 kobo March 2016)

Profitability Ratios

  • Gross Margin is 32% (34% March 2016)
  • EBITDA Margin is 21% (22%  March 2016)
  • Net Profit Margin is 4% (2% , March 2016)
  • EBIT/Interest Expense is1.8x, (1.6x March 2016)

Capital Structure ratios

  • Net debt/EBITDA is 10.99x (9.77x March 2016)
  • Net debt/Equity is 0.73x (0.73 March 2016)
  • Total Debt/Total capitalization is 3.4 (3.2 March 2016)
  • Asset turnover is 11% (11% March 2016)

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 2ndJune 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 aircrafts operating out of nine locations. The company has an impressive oil and gas client base which include Shell, Total, ExxonMobil, NNPC, Aiteo, Aje-Folawiyo, and Chevron, among others.

For more information, visit the company’s website at www.caverton-offshore.com

 

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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