Caverton Offshore Support Group Plc, a leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, has announced that its Maintenance Repair and Overhaul (MRO) facility and Simulator Training facility, both in Lagos, are expected to officially commence business operation in the 2nd half of 2021.
“When completed it will herald a new age in the Nigerian aviation sector and better fortunes for the Group,” Caverton’s Chief Executive Officer (CEO), Bode Makanjuola, said.
Caverton has also released its unaudited results for the period ended 31st March 2021 showing a Profit-Before-Tax of N728Million, (and a Profit-After-Tax of N520Million).
The positive result came even in the face of the serious negative impact that the Covid-19 pandemic continues to have on business operations in Nigeria and the rest of the world, which has caused significant reduction in activities by International and Local Oil and Gas companies who are the major clients of Caverton.
Commenting on the results, Caverton’s Chief Executive Officer, Makanjuola, said that it is a further demonstration of the firm’s resolve to re-align its operations in the face of the challenging economic conditions, geared towards ensuring continued business survival and profitability.
In order to boost revenue, the marine service sector of the Group, has also been re-strategizing to position the company towards exploring further opportunities within and out of the oil and gas sector.