Caverton Offshore Support Group Plc is no longer profitable as the company’s recurring losses has tipped it into the technical insolvency region.
This underperformance is pernicious to the firm as investors will not be snapping up its shares due to a protracted deteriorating balance sheet and receding earnings.
The integrated off shore support company’s total liability of N137.54 billion in the first six months of 2026 exceeds total assets of N122.04 billion, resulting in a negative shareholders’ fund of N15.50 billion, according to MoneyCentral calculations.
It posted a loss after tax of N8.68 billion in June 2026 from a profit of N2.04 billion the previous year.
Sales were down 10.88 percent to N14.68 billion in the period under review from N16.47 billion the previous year.
A breakdown of Caverton’s revenue figures shows revenue from helicopter charter dipped by 71.11 percent to N1.011 billion as at June 2026. Sales from helicopter/Airplane contract was down 42.91 percent to N4.35 billion from N7.62 billion the previous year.
The largest domestic aviation logistics provider to the Nigeria oil and gas industry realized N3.28 billion from Vessel Agency Service as the company turns to a leaner cost base needed to bolster margins.
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