Caverton’s Transformation Gathers Pace as Marine Revenue Rises

Nine-month Group revenue grows to ₦20.74 billion ·

Marine now delivers almost a third of revenue · Net finance costs down 16 per cent ·

Debt restructuring advancing

Caverton Offshore Support Group Plc, the Nigerian maritime and aviation services group, today announced unaudited results for the nine months ended 30 September 2026 that show a Group 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.
Group revenue rose 1.4 per cent to ₦20.74 billion, from ₦20.45 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 ₦13.79 billion (9M 2025: ₦4.63 billion), largely reflecting ₦5.9 billion of non-cash depreciation following last year’s asset revaluation and the absence of a ₦5.3 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.
Ten electric ferries are being built for Lagos State at Caverton Marine’s facilities, including its Naval Dockyard operation in Victoria Island, combining local construction with propulsion technology from OEM partner ExploMar of Shanghai, China. The programme is building the charging, jetty access and crew standards that a reliable, sustainable waterways network requires.
Through the Stena Sonangol Suezmax Pool, Caverton holds a charter position in three Suezmax tankers trading internationally, earning foreign-currency revenue from global crude shipping. This week Caverton hosts the Pool’s quarterly meeting in Lagos, its first sitting in Nigeria. Unity Shipping Worldwide, the joint venture being established by the Nigerian National Petroleum Company Limited (NNPC), Stena Bulk and Caverton, will bring together international tanker expertise, national industry participation and indigenous marine capability.
Caverton Helicopters’ contract with COTCO in Cameroon runs to March 2028, with options to extend, and the business is bidding for new oil and gas contracts. Discussions continue with international operator NHV on a partnership to restore and expand flight operations. Around 60 per cent of the Group’s MRO facility is now leased to a third-party maintenance provider, the Aviation Training Centre is attracting growing commercial use, and the UAV business is developing drone operations and training with partners including the National Agency for Science and Engineering Infrastructure (NASENI).
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 ₦2.19 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 ₦81.55 billion at 30 September 2026.
Olabode Makanjuola, Group Chief Executive Officer of Caverton Offshore Support Group Plc, 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.”
Caverton enters 2027 focused building the OMIBUS platform, growing its international and coastal marine platforms, restoring and expanding aviation operations through strategic partnerships, and completing the restructuring of its debt. Management believes the Group’s marine businesses, strategic partnerships and indigenous operating capabilities provide a strong foundation for a return to sustainable profitability.