Caverton Offshore Support Group Plc has recorded a marginal 1.4 per cent increase in revenue to N20.74bn in the nine months ended 30 September, 2026, as growth in its marine business helped offset the loss of revenue from a major helicopter contract that ended last year.
The company’s revenue rose from N20.45bn recorded in the corresponding period of 2025, with its marine business emerging as a major contributor, accounting for almost a third of group revenue.
This was contained in the company’s nine month financial report.
The development signals a gradual shift in Caverton’s business structure, as the Nigerian maritime and aviation services company intensifies efforts to diversify its operations, strengthen its marine business and reposition its aviation arm for growth.
However, the revenue improvement came against the backdrop of a higher loss after tax of N13.79bn, compared with N4.63bn in the corresponding period of 2025.
Caverton attributed much of the increased loss to N5.9bn in non-cash depreciation charges following the revaluation of its assets last year, as well as the absence of a one-off gain of N5.3bn recognised in the previous year’s results.
Despite the loss, the company recorded some improvement in its financing position, with net finance costs declining by 16 per cent, representing a reduction of N2.19bn year-on-year with a net foreign exchange gain.
