Caverton Marine’s Push Lifts COSG Revenue To N20.74bn In Nine Months

Caverton Offshore Support Group Plc (COSG) has reported a 1.4 per cent rise in Group revenue to N20.74 billion for the nine months ended 30 September 2026, up from N20.45 billion in the corresponding period of 2025.

The company said the growth was driven mainly by its marine business, which has expanded from a negligible contributor a year earlier to almost one-third of Group revenue.

Caverton said the increase in marine activity more than replaced revenue lost after a major helicopter contract ended in August 2025.

Caverton Marine has emerged as the Group’s key growth driver, supported by its OMIBUS electric ferry platform and its participation in international tanker shipping.

The company said OMIBUS, its indigenous electric ferry platform, had completed sea trials on Lagos waterways. During a full-load trial, an OMIBUS ferry reportedly carried passengers over 12.6 nautical miles between Falomo and the Ikorodu ferry terminal.

Caverton said commercial passenger services would begin on short, high-demand routes linking CMS, Falomo, Victoria Island and Lekki. Longer routes, including Ikorodu, are expected to follow as charging infrastructure and battery performance are further proven.

Ten electric ferries are currently being built for Lagos State at Caverton Marine’s facilities, including its Naval Dockyard operation in Victoria Island. The vessels combine local construction with propulsion technology from ExploMar, a Shanghai-based original equipment manufacturer.

Caverton is also developing the charging systems, jetty access and crew standards required for a reliable and sustainable waterways network.

International Tanker Exposure

Beyond Lagos, Caverton holds a charter position in three Suezmax tankers through the Stena Sonangol Suezmax Pool. The company said the arrangement earns foreign-currency revenue from global crude shipping.

This week, Caverton is hosting the Pool’s quarterly meeting in Lagos, its first sitting in Nigeria.

The Group is also involved in Unity Shipping Worldwide, a joint venture being established by the Nigerian National Petroleum Company Limited (NNPC), Stena Bulk and Caverton. The venture is expected to combine international tanker expertise, national industry participation and indigenous marine capability.

Aviation restructuring continues

In aviation, Caverton Helicopters’ contract with COTCO in Cameroon runs until March 2028, with options for extension. The company said it was bidding for new oil and gas contracts.

Discussions are also ongoing with international operator NHV on a partnership to restore and expand flight operations.

Caverton said about 60 per cent of its maintenance, repair and overhaul (MRO) facility had been leased to a third-party maintenance provider. Its Aviation Training Centre is attracting increasing commercial use, while its unmanned aerial vehicle (UAV) business is developing drone operations and training in partnership with the National Agency for Science and Engineering Infrastructure (NASENI).

Despite the revenue growth, Caverton reported a loss after tax of N13.79 billion for the nine-month period, compared with N4.63 billion in the same period of 2025.

The company attributed the wider loss mainly to N5.9 billion in non-cash depreciation following last year’s asset revaluation and the absence of a N5.3 billion one-off gain recorded in 2025.

Net finance costs, however, fell by 16 per cent, reducing by N2.19 billion year on year. The Group also recorded a net foreign exchange gain.

Caverton said it was advancing the restructuring of its debt to place repayment obligations on a more sustainable footing and support operational recovery. Interest-bearing borrowings stood at N81.55 billion as at 30 September 2026.

The company is also in discussions with prospective strategic partners over a possible equity investment in its aviation business.

Group chief executive officer of Caverton Offshore Support Group Plc, Olabode Makanjuola, described the company as being in transition.

He said that a year earlier, the marine business “barely registered” in the Group’s accounts, but it now delivered almost a third of Group revenue, earned foreign currency through a leading international Suezmax pool and was 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,” Makanjuola said.

He added that the UAV business, working with partners including NASENI, was 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,” he said.

Caverton said it enters 2027 focused on building the OMIBUS platform, growing its international and coastal marine businesses, restoring and expanding aviation operations through strategic partnerships, and completing its debt restructuring.

Management said it believed the Group’s marine businesses, strategic partnerships and indigenous operating capabilities provided a strong foundation for a return to sustainable profitability.

The results were approved by the Board of Directors on 28 October 2026.