Caverton revenue rises 41% as quarterly loss narrows
August 13, 2026 1:15 am
Caverton Offshore Support Group Plc recorded a 41 per cent increase in revenue in the second quarter of 2026, while its quarterly loss narrowed by N1.2bn, according to its half-year results for the six months ended June 30, 2026.
The Group’s revenue rose to N8.6bn in the second quarter from N6.1bn in the first quarter. Its quarterly loss also narrowed to N3.7bn from N5.0bn in the first quarter, representing an improvement of about N1.2bn quarter-on-quarter.
For the six-month period, Caverton recorded revenue of N14.7bn and a loss of N8.7bn. Net finance costs stood at N8.4bn during the period, remaining the principal pressure on the Group’s bottom line.
The company said in a statement that its debt restructuring programme remained central to its recovery plan. Operating profit before administrative costs reached N7.3bn, representing a margin of about 50 per cent of revenue.
The Group attributed the performance to cost management measures. Caverton Marine was a key driver of the business during the period. Through its relationship with Stena Bulk, the Group participates in three Suezmax tankers trading internationally, providing foreign-currency revenue.
The relationship is also being expanded through Unity Shipping Worldwide, a joint venture involving the Nigerian National Petroleum Company, Stena Bulk and Caverton.
The Group’s OMIBUS platform, developed with Shanghai-based electric-propulsion OEM Explomar, is also introducing battery-electric passenger ferries to Lagos waterways.
A prototype is already in service, while Caverton has an order from Lagos State for 10 vessels.
In aviation, the Group’s recovery is being supported by its partnership with NHV, a Belgium-based international helicopter operator, with the restructuring of charter operations targeted for the second half of 2026.
Caverton is also seeking to increase revenue from its Maintenance, Repair and Overhaul facility and the Caverton Aviation Training Centre.
Its unmanned aerial vehicle business, developed with the National Agency for Science and Engineering Infrastructure, also continued to grow from a small base after more than doubling year-on-year in the first quarter.
The Group said it had reworked its remaining dollar-denominated bank facilities to improve long-term sustainability and reduce foreign-exchange exposure that had contributed to finance costs.
Commenting on the performance, the Group Chief Executive Officer, Olabode Makanjuola, said: “The first half of the year tested us, but the direction of travel is now visible in the numbers. Quarter on quarter, we are working to build up our revenue to narrow losses.
“Our marine business units, from international tankers to electric ferries, are scaling. Meanwhile, our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years. There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact.”
“The Board and management look to the remainder of 2026 with measured confidence as the marine business scales, the aviation restructuring and partnership comes on stream, and the benefits of the restructured balance sheet take hold,” he added.
Akinlotan is a journalist at Punch Newspapers with over eight years of experience reporting on politics, social justice, motoring, railways, and aviation. His work focuses on accountability, public interest, and social change, producing stories that inspire reform and amplify underrepresented voices. Akinlotan’s reporting reflects extensive newsroom experience, editorial insight, and a strong commitment to accurate, impact-driven journalism.
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