Caverton Offshore Support Group, the first fully integrated offshore support company in Sub-saharan Africa, recorded a significant surge in prepayments in the nine months of 2024, driven majorly by rent and medical prepayments.
According to Investopedia, an online dictionary, prepayment may be ” the settlement of a bill, an operating expense that closes an account before its due date.” Hence it may mean “settlement of a debt or intallment loan in advance of its official due date.”
The firm recorded a 4,557 percent growth in total prepayment to N103.4 million in the nine months of 2024 from N2.22 million reported in the same period of 2023.
The firm’s prepayment consists of rent prepayment worth N76.3 million, medical prepayments worth N14.7 million, and insurance prepaid worth N12.4 billion.
Caverton’s total assets declined to N54.2 billion from N69.5 billion in the same period of 2023.
The firm’s inventories declined to N9.29 billion from N9.25 billion in the comparable period of 2023.
Revenue grew to N34.2 billion from N24.2 billion in nine months of 2023, while operating expenses surged similarly to N34.2 billion from N24.2 billion.
Caverton Marine has pushed for safer, secured and sustainable water transportation in the continental stage with a call for the adoption of innovative strategies that enhance ferry operations in Africa.
It pushed for safety as one of the participants at the 48th Annual Interferry Conference held recently in Marrakech, Morocco themed, ‘Safety, Security, and Sustainability,’ and focused on issues facing the ferry industry, with a spotlight on Africa.
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Delivering a keynote titled ‘Electrifying Nigeria’s Inland Waterways: A Case Study of Lagos State,’ one of the representatives of Caverton Marine, provided insights into innovative strategies adopted by the company to enhance sustainability in ferry operations while advocating for cleaner, greener transportation solutions in Nigeria.
Meanwhile, David Okafor, a delegate of Caverton Marine, made a presentation titled ‘Electrifying Nigeria’s Inland Waterway Vessels Using Market Forces,’ detailing the company’s novel initiative to develop electric waterbuses.
Caverton Marine Limited, a provider of marine logistics services, said it’s integrating electric outboard engines into the recently launched Lagos passenger ferries called OMIBUS to cut carbon footprint and promote sustainable transportation in Nigeria.
By equipping OMIBUS ferries with electric engines, Caverton Marine will enhance the operational efficiency of its fleet and reduce emissions impact on the environment.
Caverton Marine entered into a partnership with ExploMar (Suzhou) Energy Technology Co. Ltd. of China to achieve this.
Built by Caverton Marine in its facilities in Lagos, the OMIBUS ferry was recently commissioned by the Lagos State Government to transform water transportation.
“This agreement with ExploMar represents a significant milestone in our journey towards sustainable maritime operations. By leveraging ExploMar’s cutting-edge technology, we are setting new standards for passenger ferry services in Nigeria and demonstrating our commitment to a greener future,” said Bode Makanjuola, CEO of Caverton Offshore Support Group.
He said the initiative supports environmental goals and aligns with Caverton Marine’s mission to empower local industries. He said the electrification of the marine vessels showcases the potential for homegrown solutions to addressing global challenges.
Alex Dong, CEO of ExploMar said the company is thrilled to collaborate with Caverton Marine on the project and that the ferries equipped with the electric outboard systems will serve as a model for sustainable marine transport in Nigeria and Africa.
“The partnership was born out of our proactive engagement, recognising the need for innovative solutions in Nigeria and Africa. This collaboration promises to deliver substantial benefits, including reduced operational costs, enhanced passenger experience, and a positive environmental impact,” he added.
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