Caverton’s revenue grows 1.4% to N20.74bn

Caverton Offshore Support Group Plc reported a slight 1.4% increase in revenue to N20.74 billion for the nine months ending 30th September 2026. The growth in its marine business helped offset the loss of revenue from a terminated major helicopter contract. The company's marine business now accounts for almost a third of the group's revenue, up from no significant presence a year ago.

CEO Olabode Makanjuola highlighted the transition, revealing that Caverton is focusing on making its marine operations a stronger revenue driver while restructuring its debt and exploring strategic partnerships to revive its aviation business. Despite the revenue growth, the company experienced a higher loss after tax of N13.79 billion, mainly due to N5.9 billion in non-cash depreciation charges and the absence of a previous gain.

Caverton's marine operations are gaining momentum, with OMIBUS, an indigenous electric ferry platform, completing sea trials and preparing for commercial deployment. The company is also constructing 10 electric ferries for Lagos State Government. Meanwhile, its aviation business remains a focus of restructuring efforts, with plans to create a leaner and more capital-efficient business while exploring partnerships.

The company is currently restructuring its debt and discussing a potential equity investment in its aviation business.