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Audited Financial Results for the Period Ended December 31, 2016


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