Caverton’s quarterly losses ease as marine business grows

Caverton Offshore Support Group Plc recorded a stronger second quarter in 2026, with revenue accelerating and quarterly losses narrowing as the company’s marine operations began to contribute more significantly to its earnings.

Revenue dropped to N14.68 billion in the six months ended June 2026, from N16.68 billion in June 2025.

However, the company’s quarterly performance improved sharply, with second-quarter revenue reaching N8.59 billion from N6.09 billion in the first quarter, representing a 41.2 percent increase. The quarterly loss also narrowed to N3.75 billion from N4.96 billion in Q1.

The improvement came despite Caverton remaining loss-making at the half-year level. The group reported a loss of N8.69 billion, compared with a profit of N2.04 billion in the corresponding period of 2025, while net finance costs stood at N8.37 billion.

Marine operations emerge as key growth driver
The strongest shift in Caverton’s revenue mix came from its marine business.

Vessel agency service revenue jumped to N3.28 billion in H1 2026, from just N52.4 million a year earlier.

This helped offset weaker contributions from helicopter charter and helicopter/airplane contracts, which fell to N1.01 billion and N4.36 billion, respectively, from N3.51 billion and N7.62 billion in H1 2025. Helicopter maintenance, however, doubled to N4.27 billion from N2.12 billion.

The shift is consistent with management’s growing emphasis on marine logistics as a second engine of the business.

According to Olabode Makanjuola, Caverton’s group chief executive…