Caverton Offshore Support Group Plc, the leading provider of marine, aviation, and logistics services to local and international oil and gas companies in Nigeria, has announced its unaudited results for the period ended 31st March 2023.
The company reported a Profit-Before-Tax of N566 Million, showcasing its efforts to overcome the challenges faced in the previous year.
“The period’s financial position is a manifestation of the various efforts put in by management to mitigate the effects of the negative results posted in 2022 due to negative occurrences that bedeviled the company in the immediate past year,” said Caverton’s Chief Executive Officer, Mr. Bode Makanjuola. He emphasized the steps taken to turn the company’s fortune around and strengthen shareholders’ confidence in its affairs.
The company has strategically refocused its efforts on diversifying its business interests within the aviation and marine sectors while exploring more profitable areas for investments and business development. “While reconsolidating on our aviation oil contracts and industry market share, efforts are underway to boost revenue and reduce our operating and finance costs,” added the CEO.
Caverton has made significant progress with the launch of its Maintenance Repair and Overhaul (MRO) facility and the Caverton Aviation Training Centre (CATC) in Lagos. These initiatives are expected to enhance the earning capacity of the Group. The company has already begun third-party maintenance of helicopter aircraft in Nigeria, providing a convenient alternative to operators and aircraft owners in neighboring West African countries who previously had to send their aircraft and engines to Europe for heavy maintenance and overhauling.
“We are confident that the level of patronage we have witnessed over the 1st quarter of the year will herald improved revenues for 2023,” expressed the CEO. Additionally, the successful reception of the AW139 flight training simulator has paved the way for the arrival of a second simulator for the smaller AW109 helicopter in the second quarter of 2023. This expansion will further boost the revenue-generating potential of Caverton’s Training Centre.
Caverton Offshore Support Group remains committed to delivering quality services to its clients in the oil and gas industry. With its strategic initiatives and a focus on cost optimization, the company is poised for growth and a prosperous future.