Caverton Offshore Support Group Plc recorded a 41 per cent quarter-on-quarter increase in revenue to N8.6 billion in the second quarter of 2026, while its loss narrowed by about N1.2 billion as the company continued efforts to strengthen its financial position.
The company disclosed this in its unaudited results for the six months ended June 30, 2026.
Caverton’s Q2 revenue increased from N6.1 billion in the first quarter to N8.6 billion, reflecting stronger business activity across its marine and aviation operations.
At the same time, the Group reduced its quarterly loss from N5.0 billion in Q1 to N3.7 billion in Q2, representing an improvement of approximately N1.2 billion.
For the six-month period, however, Caverton reported N14.7 billion in revenue and a loss of N8.7 billion.
The company’s bottom line remained under significant pressure from finance costs, which stood at N8.4 billion during the period.
Debt restructuring supports recovery
Caverton said its ongoing debt restructuring programme remained central to its recovery strategy, while cost-control measures continued to support operating performance.
Operating profit before administrative costs reached N7.3 billion, representing a margin of about 50 per cent of revenue.
The Group identified Caverton Marine as a major contributor to performance during the period, with its relationship with Stena Bulk providing exposure to international shipping and foreign-currency earnings through three Suezmax tankers.
The partnership is also being expanded through Unity Shipping Worldwide, a joint venture involving the Nigerian National Petroleum Company, Stena Bulk and Caverton.
Electric ferry business expands
Caverton’s marine operations are also being diversified through its OMIBUS platform, developed with Shanghai-based electric-propulsion original equipment manufacturer, Explomar.
The platform is introducing battery-electric passenger ferries to Lagos waterways, with a prototype already in operation.
Caverton said it also has an order from the Lagos State Government for 10 electric vessels, potentially creating a new revenue stream for its marine business.
Aviation recovery targeted for H2
In its aviation business, Caverton said its recovery strategy was being supported by a partnership with Belgium-based helicopter operator NHV.
The Group said the restructuring of its charter operations is targeted for the second half of 2026, while efforts are also underway to increase revenue from its Maintenance, Repair and Overhaul facility and Caverton Aviation Training Centre.
Its unmanned aerial vehicle business, developed in partnership with the National Agency for Science and Engineering Infrastructure, also continued to expand, having more than doubled year-on-year from a relatively small base in the first quarter.
Caverton said it had also reworked its remaining dollar-denominated bank facilities to improve long-term sustainability and reduce foreign-exchange exposure, which had contributed significantly to its finance costs.
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Commenting on the results, Group Chief Executive Officer, Olabode Makanjuola, said the company was gradually moving from stabilisation towards recovery.
“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,” he said.
Makanjuola added that the Group’s marine businesses were scaling, while its aviation relaunch was on track for the second half of the year.
“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 said.
