Caverton Offshore posts NGN1.1 billion profit in nine months

Caverton Offshore

Caverton Offshore support Group plc in its financial report for the nine months ended in 2016 said its profit increased to NGN1.1 billion compared to NGN1.0 billion loss recorded in the same period in the financial year 2016.

The company’s revenue increased to NGN14.8 billion in 2017 in contrast to NGN14.4 billion recorded in the year before while gross profit lowered to NGN5.1 billion against NGN5.9 billion in the year before.

Operating profit increased to NGN2.9 billion from NGN187.3 million recorded in the fiscal year 2016.

Caverton Offshore Support Group said its acquired assets for the period under review was NGN43.6 billion compared to NGN41.3 billion posted in the year 2016 while total liabilities was NGN29.2 billion versus NGN28.1 billion in the year before.

Corporate Information

Caverton Offshore Support Group Plc was incorporated in Nigeria on 2nd June, 2008, as a private limited liability company. The Group operates in the marine and aviation logistics sectors of the Nigerian oil and gas industry. The Caverton Group was formed to acquire Caverton Helicopters Limited and Caverton Marine Limited, both of which were already operating in the Nigerian offshore oil and gas logistics industry. Since inception, the Caverton Group has positioned itself as one of the leading indigenous oilfield services companies in Nigeria and following the passage of the Nigerian Government‟s “Local Content Policy,‟ which is aimed at substantially increasing indigenous participation in the local and gas industry, is very well positioned to leverage the opportunities this represents.

The Group achieves its strategic objectives by drawing from both global offshore experience acquired from its strategic partners and the service delivery competence of its member companies. The Group’s commitment to the local content drive of the Nigerian Government is reflected in its well-articulated and continuous manpower development plan. In addition, the Group plans to substantially utilize local resources and facilities on its service delivery platforms.

The Caverton Offshore Support Group has a clearly and defined business focus of being a leading marine and aviation logistics provider in the oil and gas industry in Nigeria and Sub-Sahara Africa.