Caverton Offshore Support Group (COSG), a provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria,has announced that Caverton-RK has been awarded a contract to supply two drilling vessels to Shebah Exploration and Production Company Limited (SEPCOL).
The contract will run for an initial period of three months and provides for Caverton-RK to supply two vessels in support of Rig Trident VIII SEPCOL’s offshore drilling operations.
Caverton-RK is a joint venture between RKOffshore of Singapore and Caverton Marine Limited (one of the two subsidiaries of COSG). The joint venture was formed in 2012 to take advantage of growing opportunities in the offshore support vessel sector. On its part, SEPCOL is an indigenous exploration and production company and operator of the Ukpokiti offshore field, which it acquired from ConocoPhillips in 2004.
Olabode Makanjuola, Caverton’s chief executive officer, said “We are delighted to be providing marine logistics services to a wholly indigenous exploration and production company in Nigeria. Today, we not only provide logistics services in support of oil and gas exploration and production activities by multinational companies, but also provide services for indigenous Companies. This demonstrates our deep knowledge and experience in the Nigerian offshore support services industry.”
He further stated that ‘‘whilst our aviation business accounts for a large portion of our revenue base presently, we plan to increase marine business contribution over the next two years. We are aggressively pursuing opportunities in the marine industry and are well positioned as the leading logistics provider to take full advantage of the benefits of current local content laws and initiatives.”
Caverton’s strength lies in building local capacity and assets as attested by our aviation business. RK Offshore brings vast experience to the JV and recognises our commitment to local capacity development. Some members of the crew onboard the vessels are local and plans are underway to further increase local participation. It should be noted that Caverton Marine has vast experience in ownership and operation of LPG and Petroleum Product tankers prior to venturing into the oil service sector.
In addition to its listing on the Nigerian Stock Exchange on May 20 this year, Caverton recently announced its financial results for the period ended June 30 2014 which showed 21 percent increase in revenue to N12.5 Billion combined with improving operating performance.
Caverton is one of Nigeria’s leading oil services companies providing solutions for a range of multinational companies across aviation and marine services.
Caverton Marine, one of the fastest growing indigenous shipping companies commenced operations in 1999 while Caverton Helicopters a helicopter charter, sales and maintenance company was established in 2002.
Both companies were consolidated to form Caverton Offshore Support Group on 2nd June 2008. The group’s focus and primary business is to provide logistics and environmental support services to oil and gas fields with broader plans to support energy operations along the West African shelf as well as other ancillary support services.
Caverton operates a young and growing fleet of vessels and aircraft. It has over 700 employees operating out of nine locations.
The company has an impressive oil and gas client base which includes Shell, Total, Addax Petroleum and Subsea 7 among others.
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