Caverton revenue rises 1.4% as losses widen

By Chibuzor Alli

Caverton Offshore Support Group Plc’s growing marine operations are helping reshape its business as the company navigates rising losses, aviation restructuring and mounting debt obligations.

The Nigerian maritime and aviation services company recorded N20.74bn in revenue for the nine months ended September 30, 2026, representing a 1.4 per cent increase from the N20.45bn reported in the corresponding period of 2025.

Its marine division accounted for almost a third of group revenue, helping cushion the impact of lost earnings from a major helicopter contract that ended last year.

The figures were contained in the company’s nine-month financial report made available to The PUNCH on Tuesday.

Despite the revenue growth, Caverton’s loss after tax increased significantly to N13.79bn from N4.63bn recorded a year earlier, reflecting additional depreciation charges and the absence of a previous one-off gain.

The company attributed much of the increased loss to N5.9bn in non-cash depreciation charges following the revaluation of its assets last year. It also pointed to the absence of a N5.3bn one-off gain recognised in the previous year’s results.

However, its financing position showed some improvement, with net finance costs declining by 16 per cent, representing a year-on-year reduction of N2.19bn, alongside a net foreign exchange gain.

The financial results, approved by the company’s board on October 28, reflect an ongoing shift in its business strategy, with marine operations emerging as a stronger revenue contributor while management works to reposition its aviation division.

Group Chief Executive Officer, Olabode Makanjuola, described the transformation as a significant change in the company’s operations, particularly the growing contribution of its marine business.

“Caverton is in transition. A year ago, our marine business barely registered in our accounts. Today, it delivers almost a third of Group revenue, earns foreign currency through a leading international Suezmax pool and is building indigenous electric ferries for Lagos,” Makanjuola said.

A major part of the expansion is OMIBUS, the company’s indigenous electric ferry platform, which has completed sea trials on Lagos waterways.

During a full-load trial, one of the electric ferries transported passengers across 12.6 nautical miles between Falomo and the Ikorodu ferry terminal, demonstrating the platform’s readiness for the next stage of commercial deployment.

Caverton said initial passenger services would operate on shorter, high-demand routes connecting CMS, Falomo, Victoria Island and Lekki. Longer routes, including Ikorodu, would follow as charging infrastructure and battery performance are further established.

The company is also constructing 10 electric ferries for the Lagos State Government at its marine facilities, including its Naval Dockyard operation in Victoria Island.

The project combines local vessel construction with propulsion technology supplied by ExploMar, its original equipment manufacturing partner based in Shanghai, China.

While the marine division expands, Caverton’s aviation operations remain under restructuring as the company seeks to reduce capital requirements and unlock value from its existing infrastructure.

Makanjuola said the company was exploring strategic partnerships to revive and expand flight operations while putting its maintenance, repair and overhaul (MRO) and training facilities to greater use.

“In aviation, we are restructuring for a leaner, more capital-efficient business, putting our MRO and training infrastructure to work and pursuing strategic partnerships to restore and expand flight operations, while our UAV business, working with partners i