Caverton group maintains flat profit in 2015 financial year

Caverton Offshore Support Group Plc, a leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria has announced its audited report for the 2015 financial year.

The report showed a seven per cent drop in revenue while profits remained flat compared to last year.Administrative expenses however declined by 16 per cent, which highlighted the firm’s effort at streamlining its operations. Earnings per share retained last year level at 29 kobo.

Commenting on the year report, Caverton’s Chief Executive Officer, Bode Makanjuola said, “The slide in oil prices with the resultant reduction of activities by international and local oil and gas companies has continued to impact the service sector of the industry. Whilst we had new support contracts signed during the year, we have had reduction in the work scope and rate of existing contracts.”

Makanjuola further stated “part of our strategy to weather the current challenging business environment is to continue to focus on cost efficiency without compromising on our safety standards. The implementation of our strategy to increase service offerings is ongoing, as we have commenced construction of the maintenance, repair and overhaul facility in Ikeja Lagos.

We will also continue to explore other innovative solutions in support of deep and shallow water operations in both marine and aviation business.”
Caverton with the largest fleet of AW139 in the country is an authorized service centre for Agusta Westland.