KEY POINTS

• Caverton’s fourth-quarter revenue fell to 3.74 billion naira from 13.11 billion naira in Q4 2024.

• Net loss narrowed slightly to 7.31 billion naira, with loss per share improving.

• Results reflect ongoing volatility and structural pressures in offshore logistics tied to oil and gas activity.

Caverton Offshore Support Group, controlled by the family of Nigerian businessman Aderemi Makanjuola, recorded a significant decline in revenue in the final quarter of 2025, underscoring continued headwinds in Nigeria’s offshore logistics sector.

In a financial update released on January 30, the Lagos-based company reported fourth-quarter revenue of 3.74 billion naira, down from 13.11 billion naira in the same period of 2024.

Net loss for the quarter stood at 7.31 billion naira, slightly improved from a loss of 7.78 billion naira a year earlier. Basic loss per share from continuing operations also improved to 2.18 naira from 2.32 naira.

Caverton provides aviation and marine logistics services to energy producers and other clients, with most of its activities linked to offshore oil and gas operations. Its services include helicopter and fixed-wing charters, shuttle flights to offshore platforms, aircraft maintenance, marine transportation, crew boats, and training services.

The company positions itself as an integrated logistics provider, combining aviation and marine assets to efficiently transport personnel and cargo across Nigeria and the broader region.

Company Origins and Leadership

Caverton Offshore Support Group was incorporated in 2008 following the combination of Caverton Helicopters and Caverton Marine, both active in Nigeria’s oil and gas supply chain at the time. The group traces its roots to entrepreneur and banker Aderemi Makanjuola, who founded the business in 1999 as a marine company before expanding into aviation.

The company is currently led by its Executive Vice Chairman and Chief Executive Officer, Olabode Makanjuola.

The sharp revenue decline highlights the volatility facing offshore service providers, where factors such as contract timing, fleet utilisation, and foreign exchange exposure can significantly affect performance. Although losses remain substantial, the narrower deficit suggests some marginal improvement in cost control or operational efficiency.

Caverton has said it plans to focus on improving service quality while expanding and modernizing its fleet of aircraft and vessels to meet evolving client and safety requirements.