Nine-month Group income grows to ₦20.74 billion ·
Marine now delivers nearly a 3rd of income · Net finance prices down 16 per cent ·
Debt restructuring advancing
Caverton Offshore Support Group Plc, the Nigerian maritime and aviation providers group, at this time introduced unaudited outcomes for the 9 months ended 30 September 2026 that present a Group reshaping itself for development. 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.
Group income rose 1.4 per cent to ₦20.74 billion, from ₦20.45 billion in the identical interval of 2025, as marine development 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 internet international alternate achieve. 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 final 12 months’s asset revaluation and the absence of a ₦5.3 billion one-off achieve recorded in 2025. The outcomes have 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.
Ten electrical ferries are being constructed for Lagos State at Caverton Marine’s services, together with its Naval Dockyard operation in Victoria Island, combining native building with propulsion know-how from OEM companion ExploMar of Shanghai, China. The programme is constructing the charging, jetty entry and crew requirements {that a} dependable, sustainable waterways community requires.
Through the Stena Sonangol Suezmax Pool, Caverton holds a constitution place in three Suezmax tankers buying and selling internationally, incomes foreign-currency income from international crude transport. This week Caverton hosts the Pool’s quarterly assembly in Lagos, its first sitting in Nigeria. Unity Shipping Worldwide, the three way partnership being established by the Nigerian National Petroleum Company Limited (NNPC), Stena Bulk and Caverton, will deliver collectively worldwide tanker experience, nationwide trade participation and indigenous marine functionality.
Caverton Helicopters’ contract with COTCO in Cameroon runs to March 2028, with choices to increase, and the enterprise is bidding for brand spanking new oil and fuel contracts. Discussions proceed with worldwide operator NHV on a partnership to revive and broaden flight operations. Around 60 per cent of the Group’s MRO facility is now leased to a third-party upkeep supplier, the Aviation Training Centre is attracting rising industrial use, and the UAV enterprise is creating drone operations and coaching with companions together with the National Agency for Science and Engineering Infrastructure (NASENI).
The Group is advancing the restructuring of its debt to put reimbursement obligations on a sustainable footing and assist operational restoration. Lower rates of interest have already minimize internet finance prices by ₦2.19 billion 12 months on 12 months. Caverton can also be in discussions with potential strategic companions on an fairness funding in its aviation enterprise. Interest-bearing borrowings stood at ₦81.55 billion at 30 September 2026.
Olabode Makanjuola, Group Chief Executive Officer of Caverton Offshore Support Group Plc, mentioned:
“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 centered constructing the OMIBUS platform, rising its worldwide and coastal marine platforms, restoring and increasing aviation operations by means of strategic partnerships, and finishing the restructuring of its debt. Management believes the Group’s marine companies, strategic partnerships and indigenous working capabilities present a powerful basis for a return to sustainable profitability.
