Caverton’s revenue grows 1.4% to N20.74bn

Caverton Offshore Support Group Plc has recorded a marginal 1.4 per cent increase in revenue to N20.74bn in the nine months ended 30 September, 2026, as growth in its marine business helped offset the loss of revenue from a major helicopter contract that ended last year.

The company’s revenue rose from N20.45bn recorded in the corresponding period of 2025, with its marine business emerging as a major contributor, accounting for almost a third of group revenue.

This was contained in the company’s nine month financial report made available to The PUNCH on Tuesday.

The development signals a gradual shift in Caverton’s business structure, as the Nigerian maritime and aviation services company intensifies efforts to diversify its operations, strengthen its marine business and reposition its aviation arm for growth.

However, the revenue improvement came against the backdrop of a higher loss after tax of N13.79bn, compared with N4.63bn in the corresponding period of 2025.

Caverton attributed much of the increased loss to N5.9bn in non-cash depreciation charges following the revaluation of its assets last year, as well as the absence of a one-off gain of N5.3bn recognised in the previous year’s results.

Despite the loss, the company recorded some improvement in its financing position, with net finance costs declining by 16 per cent, representing a reduction of N2.19bn year-on-year with a net foreign exchange gain.

The results, which were approved by the company’s board on 28 October, come as Caverton pushes ahead with plans to make its marine operations a stronger revenue driver while restructuring debt and exploring strategic partnerships to revive its aviation business.

Speaking on the performance, Group Chief Executive Officer, Olabode Makanjuola, said the company was undergoing a significant transition, with marine operations increasingly taking centre stage.

“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.

One of the major developments in the period is the progress recorded by OMIBUS, Caverton’s indigenous electric ferry platform, which has completed sea trials on Lagos waterways.

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

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The company said commercial passenger services would begin on shorter, high-demand routes linking CMS, Falomo, Victoria Island and Lekki, while longer routes, including Ikorodu, would be introduced as charging infrastructure and battery performance are further established.

He added that the company is also building 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 its original equipment manufacturing partner, ExploMar of Shanghai, China.

While marine operations are gaining momentum, Caverton’s aviation business remains a major focus of its restructuring efforts.

Makanjuola said the company was working towards a leaner and more capital-efficient aviation business, while exploring partnerships to unlock the value of its existing infrastructure.

“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 including NASENI, is opening new markets in drone operations and technical training,” he said.

On the financial front, Caverton said discussions were ongoing to restructure its debt and place repayment obligations on a more sustainable footing.

The company further showed that its Interest-bearing borrowings stood at N81.55bn as of 30 September, 2026, underscoring the scale of the financing challenge confronting the group.

The company is also discussing a possible equity investment in its aviation business with prospective strategic partners.

Makanjuola said management was addressing the group’s financing pressures while pursuing opportunities to build a more diversified and resilient business.

“We are tackling our financing pressures head-on, and as these businesses grow, we are building a more diversified and resilient Caverton, positioned to deliver long-term value for our shareholders,” he said.