Caverton’s Transformation Gathers Pace as Marine Revenue Rises - THISDAYLIVE
Caverton Offshore Support Group Plc, yesterday announced its unaudited results for the nine months ended 30 September 2026 that showed a firm reshaping itself for growth.
Caverton Marine, a negligible revenue line a year ago, now generates almost a third of Group revenue, while the OMIBUS electric ferry platform has completed sea trials and is preparing for passenger service.
Analysis of the results showed that the group revenue rose 1.4 per cent to N20.74 billion, from N20.45 billion in the same period of 2025, as marine growth more than replaced the revenue from a major helicopter contract that concluded in August 2025. Net finance costs fell 16 per cent and the Group recorded a net foreign exchange gain. The group reported a loss after tax of N13.79 billion (9M 2025: N4.63 billion), largely reflecting N5.9 billion of non-cash depreciation following last year’s asset revaluation and the absence of a N5.3 billion one-off gain recorded in 2025. The results were approved by the Board of Directors on 28 October 2026.
OMIBUS, Caverton’s indigenous electric ferry platform, has completed sea trials on Lagos waterways. In a full-load trial an OMIBUS ferry carried passengers over 12.6 nautical miles between Falomo and Ikorodu ferry terminal. Commercial passenger service will begin on short, high-demand routes linking CMS, Falomo, Victoria Island and Lekki, with longer routes such as Ikorodu to follow as charging and battery performance are proven.
The Group is advancing the restructuring of its debt to place repayment obligations on a sustainable footing and support operational recovery. Lower interest rates have already cut net finance costs by N2.19 billion year on year. Caverton is also in discussions with prospective strategic partners on an equity investment in its aviation business. Interest-bearing borrowings stood at N81.55 billion at 30 September 2026.
Group Chief Executive Officer of Caverton Offshore Support Group Plc, Olabode Makanjuola, said: “Caverton is in transition. A year ago our marine business barely registered in our accounts; today it delivers almost a third of Group revenue, earns foreign currency through a leading international Suezmax pool and is building indigenous electric ferries for Lagos. In aviation, we are restructuring for a leaner, more capital-efficient business, putting our MRO and training infrastructure to work and pursuing strategic partnerships to restore and expand flight operations, while our UAV business, working with partners including NASENI, is opening new markets in drone operations and technical training. We are tackling our financing pressures head-on, and as these businesses grow we are building a more diversified and resilient Caverton, positioned to deliver long-term value for our shareholders.”
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