COSG pledges to enhance profitability, shareholders’ value

Seals four new deals in helicopter business

Caverton Offshore Support Group (COSG) has assured shareholders of improved performance in the current financial year, even as the firm sealed deals with four new clients in the helicopter subsidiary business.

Reviewing the company’s performance during the seventh yearly general meeting in Lagos yesterday, the Chairman of the company, Aderemi Makanjuola explained that despite the economic headwinds, the company has laid a solid foundation for business sustainability.

He added that the firm is on the path of becoming the foremost offshore support logistics provider in sub -Saharan Africa.

Makanjuola explained that the company has commenced the construction of the proposed commercial Maintenance Repair and Overhaul (MRO) centre and the aviation training school, which, according to him is the first in sub Saharan Africa.

“Consequently, construction kicked off in the year and we are on track to delivering on our promise by having the MRO fully operational by 2018. The slide in oil prices with the resultant reduction of activities by international and local oil and gas companies continue 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. 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.”

“The result show a seven per cent drop in revenue while profits remained flat compared to last year.
Administrative expenses however declined by 16 per cent, which highlights our continued effort at streamlining our operations. Earnings per share retained last year level at 29 kobo,” he added.

The shareholders of the company commended the management on the four new helicopter deals sealed recently amid harsh economic environment.

Specifically, the President of Greenwich shareholders Association of Nigeria, William Adebayo explained that the company has maintained its shareholders funds, as well as grow the assets.