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COSG 1H 2015 Results - Press Release

Financial results for the period ended June 30, 2015


LAGOS, NIGERIA – 31 JULY 2015 – Caverton Offshore Support Group PLC (COSG), the leading provider of marine, aviation and logistics services to local and international oil andgas companies in Nigeria today announces its unaudited 2015 half year results. The result show revenue of N11.9 billion, a 5% decrease over same period last year and a 2% drop in indirect operating expenses compared to half year 2014.

Commenting on the results, CEO of COSG PLC, Mr Bode Makanjuola said “While the oil and gas operating environment continues to be challenging, we remain optimistic business sentiments will shift for the better. We witnessed a 12% increase in contract revenue, but overall, revenue slowed due to a softer ad-hoc market. The increase in direct operating costs was mainly due to lease of assets to service our growing clientele.”

“We will continue to maintain efficient use of our human and capital assets and align our services to the prevailing business environment. With the signing of our two year contract extension with Shell, in addition to increasing interest for support services from Nigerian Oil Companies (NOC’s), we hope to continue to grow revenue on the contract side.”

Mr. Bode Makanjuola further stated that “We will continue to take advantage of available opportunities to increase our market penetration in Nigeria as well as geographical diversification across Sub-Saharan Africa. We are also making in-roads into non-oil and gas sectors of the economy. Our planned development of the first aviation training centre and aviation maintenance, repair and overhaul services in Nigeria remains on course.”

Group Financial highlights
 Revenue of N11.9m
 Operating Profit (excluding other operating income) of N1.88b
 Profit before tax of N1.77b
 Profit after tax of N1.09b
 EPS of 33 kobo

Profitability Ratios
 EBITDA Margin of 25%
 Net Profit Margin of 9%
 EBITDA/Interest Expense of 3.65x

Capital Structure Ratios
 Net Debt/EBITDA of 4.27x
 Net Debt/Equity of 1.00x
 Net Debt/Operating Profit of 6.75x
 Net Debt/Total Capitalisation of 42%
 Total Debt/Total Capitalisation of 58%

Operational Highlights
 Caverton Helicopters signed a two year contract extension with Shell
 Sixth Annual General Meeting of CAVERTON OFFSHORE SUPPORT GROUP PLC held on 6th of May, 2015. Dividend of 10kobo for every N0.50 ordinary share paid to shareholders.
 Capt Josiah Choms MD Caverton Helicopters elected to the Board of HeliOffshore
 Caverton Helicopters signed a Helicopter Charter Service Agreement with Nigerian National Petroleum Company (NNPC).This service provision will cover offshore platforms operated by Nigerian Petroleum Development Company (NPDC) as well as all flight requests from other NNPC subsidiaries on a call-off basis.
 COSG migrated its accounting platform to the SAP Enterprise Resource Planning Tool. The new system which was customized to meet accounting and reporting needs is a game changer for Caverton as it enables us to become more efficient and easily compliant with reporting standards.