Caverton Offshore Support Group Plc, which provides marine, aviation and logistics services to local and international oil and gas companies in Nigeria, recorded less revenue in the first half of 2023 than it did during the same period last year.
The company’s earnings fell 4.8% to N13.3 billion, it said Monday.
It however recorded growth in its profit before tax from N203 million to N258 million. Earnings per share rose to 0.08 kobo from 0.06 kobo last year.
– High operating costs
Caverton provides logistics and environmental support services to oil and gas fields in Nigeria and along the West African shelf. Caverton Marine began operations in 1999 while Caverton Helicopters a helicopter charter, sales and maintenance company, was established in 2002.
The company’s clients include Shell, Agip, Total, ExxonMobil, NNPC, and Aiteo.
Chief executive Bode Makanjuola said the half-year result was achieved despite rising operating costs in Nigeria that has “continued to skyrocket since the beginning of the year.”
The company said it has started reaping from its investments in setting up a maintenance repair and overhaul facility and the Caverton Aviation Training Centre, both in Lagos as the level of patronage in these two units are now on the increase.
On the marine front, it said Caverton Marine Limited will acquire a bigger construction site along Badagry axis to complement the ongoing jobs in the current site at Badore, Ajah Lagos state.
The company is also building security boats and plans to add fishing boats and leisure boats to the fleet.
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