Caverton Offshore Support Group Plc has reported a revenue of N20.74 billion for the nine months ended September 30, 2026. This represents a 1.4 percent increase from the N20.45 billion posted in the corresponding period of 2025. The marginal growth was largely supported by improved performance in the company's marine business.
The company's marine business accounted for almost one-third of the total group revenue, helping to cushion the impact of the loss of revenue from a major helicopter contract that expired last year. The performance reflects the growing contribution of marine operations to Caverton's business, as the company pursues efforts to diversify its revenue sources and reposition its aviation division.
Despite the increase in revenue, the group recorded a loss after tax of N13.79 billion, compared with N4.63 billion in the corresponding period of the previous year. Caverton attributed the higher loss partly to N5.9 billion in non-cash depreciation charges arising from the revaluation of its assets in the previous year. It also cited the absence of a one-off gain of N5.3 billion recognised in the corresponding period of 2025.
On the positive side, net finance costs declined by 16 percent, representing a year-on-year reduction of N2.19 billion, while the company also recorded a net foreign exchange gain. The company's Group Chief Executive Officer, Olabode Makanjuola, said the company was repositioning its operations, with the marine business becoming an increasingly important contributor to revenue.
Makanjuola noted that the division, which previously accounted for a relatively small portion of the group's financial performance, now generates almost a third of its revenue. The business is earning foreign exchange through an international Suezmax pool and expanding its activities in indigenous electric ferry manufacturing for Lagos waterways. One of the developments during the period was the completion of sea trials by OMIBUS, Caverton's electric ferry platform.
The company said an electric ferry successfully completed a full-load trial, transporting passengers across 12.6 nautical miles between Falomo and the Ikorodu ferry terminal. Following the trials, Caverton plans to commence commercial passenger operations on shorter, high-demand routes connecting CMS, Falomo, Victoria Island and Lekki. Longer routes, including the Ikorodu corridor, are expected to be introduced as charging infrastructure and battery performance are further developed.
Makanjuola also disclosed that the company was constructing 10 electric ferries for the Lagos State Government at its marine facilities, including its Naval Dockyard operation in Victoria Island. The project involves local vessel construction and the deployment of propulsion technology provided by ExploMar, its original equipment manufacturing partner based in Shanghai, China.
Key points
- Caverton Offshore Support Group Plc recorded a 1.4 percent increase in revenue to N20.74 billion in nine months ended September 30, 2026.
- The company's marine business accounted for almost one-third of the total group revenue.
- Caverton plans to commence commercial passenger operations on shorter, high-demand routes with its electric ferry platform.
