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CAVERTON Unaudited Financial Results For The Period Ended September 30, 2016

Caverton Offshore Support Group PLC

Unaudited Financial Results For The Period Ended September 30, 2016 

LAGOS, NIGERIA – 30 October  2016 – Caverton Offshore Support Group PLC, COSG, (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 Q3 2016 results. The results show revenue of N14.45 billion which represents a 19% decrease over the same period last year.

The drop in revenue in the quarter was due to slower business activities in the Oil and Gas Industry.  However, continued efforts to cut costs and increase efficiency across the Group resulted in a 15% reduction in Operating Expenses.  Similarly, Administrative Expenses also declined by 23%, which highlights our continued effort at streamlining our operations. 

Commenting on the results, CEO of COSG PLC, Mr. Bode Makanjuola said:   “Our primary focus has been to reduce and manage operating expenses and exposure to the volatility of the forex market whilst not compromising safety standards.  We recently received our best Shell Audit Report since 2010, which is an indication of the company’s commitment to maintain and improve safety standards despite the economic challenges. As we enter the last quarter of 2016 and move into 2017 our focus will be on revenue generation and diversification of revenue streams, while still pushing further on cost reduction.  As part of the diversification process, there are opportunities finally opening up for our marine business in the non-oil sector and the Maintenance, Repair and Overhaul, (MRO), Facility, when completed will mean that the aircraft maintenance activities currently being done outside the country will be carried out in Nigeria, and this will bring about reduction in capital flight and training costs for Engineers and Pilots, amongst other benefits. The operational results shows that we are in a good position going into the last quarter of the year, but for the huge Foreign Exchange Loss recorded YOY that muted the effect of our overall efficient performance.’’

Group Financial Highlights

  • Revenue of N14.45b down by 19%, (N17.82b September 2015).
  • Operating Expenses of N8.47b reduced by 15% in the period, (N9.96b in Sept, 2015).
  • Administrative Expenses of N3.2b also reduced by 23%, (N4.1b in September 2015)
  • Total Operating Costs of N16.7b, (made up of Operating Expenses, Admin Expenses, Finance Cost and Foreign Exchange Translation Costs, respectively), increased by 1.98%, (N16.3b in Sept 2015), majorly due to the huge Foreign Exchange Translation Cost of N3.8b in the period, compared to N930m in Sept 2015. 
  • Operating Profit Before Tax of –N956m down by 142%, being N2.25b September 2015.
  • Profit/(Loss) after tax of (N1.04b) down by 175%,  being N1.39b in September 2015
  • EPS flat at -N0.31

 Operational Highlights: 

  • The implementation of our strategy to increase service offerings is ongoing as the construction of the Maintenance, Repair and Overhaul, (MRO), facility in Ikeja Lagos, is in top gear.  We will also continue to explore other innovative solutions in support of deep and shallow water operations in both marine and aviation business.” 
  • 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’’.

 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 includes Shell, Total, ExxonMobil, Addax Petroleum, NNPC and Subsea 7 among others.

For more information, visit the company’s website at