
Caverton reports N8.688bn H1 loss due to soaring costs
Caverton Offshore Support Group Plc announced a net loss of N8.688bn for the first half of 2026, a significant decline from the N2.041bn profit recorded in the same period of 2025. The unaudited financial statements filed with the Nigerian Exchange Limited indicate that increased operational overheads and substantial debt-servicing obligations have impacted profitability. This occurred despite the company's efforts to diversify revenue streams across its marine and training divisions. Caverton, established in 1999, provides aviation and marine logistics services to oil and gas exploration firms in the Gulf of Guinea. The Group Chief Executive Officer, Olabode Makanjuola, stated that the company is focused on stabilizing the aviation business and scaling its marine investment platforms. Net finance costs reached N8.373bn, and administrative expenses rose by 66.8 percent to N7.898bn. Group Financial Controller Adeoye Adeyeye noted improvements in liquidity and capital structure. Group revenue decreased by 10.9 percent year-on-year to N14.681bn. Total interest-bearing borrowings increased by 17.1 percent to N77.067bn, and cash and bank balances fell by 50.3 percent to N1.677bn, pushing total shareholders’ equity to -N15.502bn.


