Kayode Tokede
Caverton Offshore Support Group Plc, yesterday introduced its unaudited outcomes for the 9 months ended 30 September 2026 that confirmed a agency reshaping itself for progress.
Caverton Marine, a negligible income line a 12 months in the past, now generates nearly a 3rd of Group income, whereas the OMIBUS electrical ferry platform has accomplished sea trials and is making ready for passenger service.
Analysis of the outcomes confirmed that the group income rose 1.4 per cent to N20.74 billion, from N20.45 billion in the identical interval of 2025, as marine progress greater than changed the income from a serious helicopter contract that concluded in August 2025. Net finance prices fell 16 per cent and the Group recorded a web international trade acquire. 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 final 12 months’s asset revaluation and the absence of a N5.3 billion one-off acquire recorded in 2025. The outcomes had been authorized by the Board of Directors on 28 October 2026.
OMIBUS, Caverton’s indigenous electrical ferry platform, has accomplished 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 start on brief, high-demand routes linking CMS, Falomo, Victoria Island and Lekki, with longer routes such as Ikorodu to observe as charging and battery efficiency are confirmed.
The Group is advancing the restructuring of its debt to position reimbursement obligations on a sustainable footing and help operational restoration. Lower rates of interest have already reduce web finance prices by N2.19 billion 12 months on 12 months. Caverton can be in discussions with potential strategic companions on an fairness funding in its aviation enterprise. Interest-bearing borrowings stood at N81.55 billion at 30 September 2026.
Group Chief Executive Officer of Caverton Offshore Support Group Plc, Olabode Makanjuola, stated: “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.”
