• Sunday, May 19, 2024
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Caverton wins Shell’s ‘safety conscious award’

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In commemorating 75 million Lost Time Injury (LTI) free man-hour, the production directorate of Shell Petroleum Development Company of Nigeria has awarded Caverton Helicopters the Safety Conscious Contractor of the Year Award.

Caverton, according to a statement, was nominated and won the award in the Medium and High Risk category. Justifying the award, Shell said: “Caverton Helicopters developed safety programmes to improve staff safety culture. Raising the bar engagement sessions, Safety Survey and ‘Aim for Zero’ Campaign and actively ready to learn from previous incidents.”

The award ceremony, which took place at Shell Port Harcourt, was received by the base managing pilot on behalf of Caverton Helicopters.

Caverton Helicopters is a subsidiary of Caverton Offshore Support Group plc (COSG).

In a bid to become a global conglomerate, the company had said that it would extend its operations to other sub-Saharan African countries.

Olabode Makanjuola, CEO of the company, said this at the company’s fifth annual general meeting where shareholders approved the payment of N418 million dividend. This represented N12.5 kobo for every 50 kobo ordinary share held.

According to him, the company has a lot of plans in terms of diversification, as “we are already in Cameroon and we intend to further extend to other countries in sub-Saharan Africa. We are evolving to a global conglomerate.”

Makanjuola noted that the company will begin the construction of an aircraft maintenance, repair and overhaul centre as well as an aviation training centre at Murtala Muhammed International Airport, Lagos.

Makanjuola, who told the shareholders that the company started 2014 with a corporate rebranding exercise, said: “We have now obtained relevant regulatory approvals to commence the construction of our maintenance, repair and overhaul centre as well as an aviation training centre on a 40,000 square meters facility at the Murtala Muhammed International Airport, Lagos, both of which will house OEMs (Original Equipment Manufacturers).”

Construction will commence in the second quarter of 2014, as part of the company’s medium-term strategy to diversify its revenue stream, according to him.

A review of the company’s financial performance shows that in spite of the challenges faced in its sectors of businesses in financial year 2013, it improved its previous year’s performance. The feat was achievable with the support of its growing customer base and stakeholders.

The company recorded an appreciable turnover growth of 15.7 percent from N16.132 billion in 2012, to N18.663 billion in 2013.

Its profit after tax at the 2013 year end stood at N1.875 billion as against N1.360 billion in 2012, representing a growth of 37.9 percent.

The operating and administration costs, however, increased by 25.8 percent, from N13.431 billion in 2012 to N16.909 billion in 2013.

Makanjuola said the recorded increases in both turnover and PAT were due to the stability and incremental business from both existing and new contracts signed in the financial year under review.

Shareholders’ funds employed also increased by 15.9 percent in balance sheet size from N9.823 billion in 2012, to N11.380 billion in 2013.