Caverton Offshore Support Group Announces Q3 2024 Results with Focus on Diversification

Chinedu Eze

Caverton Offshore Support Group Plc, a premier provider of marine, aviation, and logistics services to Nigeria’s oil and gas sector, has released its unaudited financial results for the period ended September 30, 2024.

Caverton’s Chief Executive Officer, Mr. Bode Makanjuola, commented on the results, noting that Nigeria’s operating environment, particularly in marine and aviation sectors, continues to face substantial macroeconomic headwinds.

 “The removal of subsidies has led to increased energy costs, currency devaluation, elevated inflation and lending rates, all of which have impacted our overall performance.

“We have continued to diversify our revenue streams, harnessing its maritime expertise, Caverton Marine has extended its capabilities into boat building, strengthened our Maintenance, Repair, and Overhaul facility, all of which is aimed at adapting the business to the evolving landscape. This is enhancing our business resilience, all while maintaining excellent safety and service quality for our clients,” he said.

Acknowledging the challenges faced in this reporting period, Caverton, he said , remains focused on optimising operations, enhancing cost management strategies, and exploring new growth opportunities.

 “Our resilience and commitment to adapting to market conditions give us confidence in creating sustainable, long-term value for our shareholders,” Makanjuola affirmed.

According to the company, Africa’s oil and gas sector is witnessing a resurgence in exploration and production activities, leading to increased demand for helicopter services for crew rotation, maintenance, and logistics.

“ With our well-established fleet of helicopters and a strong commitment to safety, Caverton continues to be a leading service provider to this expanding market.

“Outside of Nigeria, Caverton currently operates in Cameroon, with plans to, over time, expand to other African countries. The African Continental Free Trade Area (AFCFTA), poised to revolutionise intra-African trade, presents a significant opportunity for Caverton.

“By facilitating seamless transportation across the continent, Caverton can play a key role in Africa’s economic integration,” it stated.