Caverton Offshore Support Group reports 73% drop in profit

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Caverton Offshore Support Group reports 73% drop in profit
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Caverton Offshore Support Group Plc, has reported a 73 per cent drop in profit to N1.18billion in 2020 from N4.38 billion reported in 2019 due to negative impacts of COVID-19 pandemic on its operations worldwide.

The leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria in its audited results for the year ended December 31, 2020 reported a 83 per cent drop in profit before tax to N1.26billion in 2020 from N7.24billion in 2019.

The audited results also showed eight per cent drop in revenue from contracts with customers from N34.98billion in 2020 from N32.17billion in 2019.

Caverton posted huge losses as it had to battle with the lockdowns and travel restrictions due to the Covid-19 pandemic which resulted to exceptionally low business activities during the year.

Commenting on the results, Caverton’s Chief Executive Officer, Mr. Bode Makanjuola said that “  the results further highlighted  the continued commitment of streamlining our operations in the face of tough economic conditions and reduction of activities by International and Local Oil and Gas companies which continue to impact the service sector of the industry.

“ Apart from our continued focus on cost efficiency, evident from the decline in operating costs by eight per cent in 2020, (compared to 2019), we are equally focused on further expanding our business model and service offering.

“Our Maintenance Repair and Overhaul (MRO) facility and our Simulator Training facility, both in Lagos, are almost ready to officially commence business operation in the 2nd half of 2021 and when completed will herald a new age in the Nigerian aviation sector and better fortune for the company and industry at large.

“While the marine service sector has been impacted negatively by the reduction in patronage and services, we are actively restrategizing and positioning the company to pursue opportunities within and out of the oil and gas sector.”,

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