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🇳🇬 Nigeria /Economy & Trade

Caverton revenue rises 41% as quarterly loss narrows

From The Punch · () English

Summarized and contextualized by DistantNews.

At a glance

News Official statement Outcome reported
  • Caverton Offshore Support Group Plc reported a 41% increase in revenue for the second quarter of 2026, with its quarterly loss narrowing by N1.2bn.
  • The company's debt restructuring program is central to its recovery plan, with net finance costs remaining a significant pressure on its bottom line.
  • Caverton is expanding its marine business, including international tankers and electric ferries, and is restructuring aviation operations for the second half of 2026.

Caverton Offshore Support Group Plc has announced a significant revenue increase of 41% in the second quarter of 2026, reaching N8.6 billion from N6.1 billion in the first quarter. During the same period, the company successfully narrowed its quarterly loss by N1.2 billion, reducing it to N3.7 billion from N5.0 billion.

For the first half of the year, Caverton recorded N14.7 billion in revenue and a total loss of N8.7 billion. Net finance costs of N8.4 billion were identified as the primary factor impacting the group's profitability. The company highlighted its debt restructuring program as a key element of its ongoing recovery strategy.

The first half of the year tested us, but the direction of travel is now visible in the numbers. Quarter on quarter, we are working to build up our revenue to narrow losses.

— Olabode MakanjuolaThe Group Chief Executive Officer commented on the company's performance, highlighting the positive trend in revenue and loss reduction.

The group's marine division was a major contributor to this performance. Caverton Marine's participation in three international Suezmax tankers, through its partnership with Stena Bulk, generates foreign-currency revenue. This venture is expanding through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company and Stena Bulk.

Caverton is also introducing battery-electric passenger ferries to Lagos waterways via its OMIBUS platform, developed with Shanghai-based Explomar. A prototype is already in operation, and Lagos State has ordered 10 vessels. In aviation, the company is restructuring charter operations with Belgian operator NHV for the second half of 2026. Additionally, Caverton aims to boost revenue from its Maintenance, Repair, and Overhaul (MRO) facility and its Aviation Training Centre. The unmanned aerial vehicle business also continues to grow.

Our marine business units, from international tankers to electric ferries, are scaling. Meanwhile, our aviation relaunch is on track for the second half, and our cost base is tighter than it has been

— Olabode MakanjuolaMakanjuola provided an outlook on the company's key business segments, emphasizing growth and operational efficiency.
DistantNews Editorial

Originally published by The Punch. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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