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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.