• Thursday, April 25, 2024
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Caverton Offshore reports N5.16 bn loss in 2022

Caverton Offshore reports N5.16 bn loss in 2022

Caverton Offshore Support Group Plc, a provider of marine, aviation, and logistics services to local and international oil and gas companies in Nigeria, has announced its audited results for the year ending 31st December 2022.

The results show a loss After-Tax of N5.16 billion as against a loss of N4.32 billion in 2021. Commenting on the results, Bode Makanjuola, Caverton’s chief executive officer said the loss was anticipated and the Group’s management has already been taking the necessary steps to mitigate the negative impact across the Group to ensure shareholder value is not eroded.

“Whilst offshore helicopter logistics has accounted for a substantial amount of the company’s revenue over the past decade, the Group has refocused its efforts on diversifying its business interest within the aviation and marine sectors while exploring other more profitable areas for investments and business development,” Makanjuola said.

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“While reconsolidating on our aviation oil contracts and industry market share, efforts are underway to boost revenue and reduce our operand and finance costs,” Makanjuola said.

He stated that Maintenance Repair and Overhaul (MRO) facility and the Caverton Aviation Training Centre (CATC), both in Lagos, have officially commenced business with prospects to improve the earning capacity of the Group.

According to Makanjuola, this will further boost the revenue-gendering potential of the Training Centre.

“On the marine front, Caverton Marine Limited has been at the forefront of promoting and supporting improved water transportation.

As a result of the growing interest in waterways transportation, the quality and safety of water ferries have been a major talking point amongst regulators, passengers, and operators. Caverton recently invested in a boatyard where the company is currently building GRP passenger ferries and security boats to promote and encourage safe water transportation,” he said.