Caverton Offshore Support Group Plc is set for improved financial performance as its subsidiary, Caverton Helicopters, has been awarded a five-year logistics support contract by Chevron Nigeria Limited (CNL), operator of the Nigerian National Petroleum Corporation (NNPC/CNL Joint Venture, for the provision of aviation services with a two- year renewable option.
In a notification to the Nigerian Stock Exchange (NSE) recently, Caverton said the contract was awarded following an extended competitive tendering process.
Caverton emerged successful after scaling through both the technical and commercial evaluation ahead of other bidders. Given CNL’s reputation for very high safety and quality standards, it is safe to say that Caverton’s commitment to safety, quality and continuous improvement contributed in no small measure to this successful bid. Caverton will service this contract with 11 Bell manufactured helicopters in line with CNL’s requirement. As part of the contract, Caverton will provide guaranteed medevac response to CNL 24 hours a day, seven days a week, covering their entire area of operations,” the company said.
Commenting on the development, the Group Chairman of the Caverton, Mr. Remi Makanjuola said: “We are thankful to our clients, the aviation regulators, our shareholders, our staff and many others who have played a role in our development and success as a company. Special recognition to the Access Bank Group that has supported Caverton on various projects over the years. Caverton Helicopters is poised to continue to work on consolidating its vision to be the leading provider of premium aviation services in sub-Saharan Africa to the oil and gas industry.”
Over the past decade, Caverton has worked hard to raise the bar in key areas in this specialised sector: helicopter availability, on-time departure, service and maintenance quality; doing all this while pursuing a robust local content strategy.
“The positive impact of these efforts is the growing confidence in our services by the international oil companies and others, resulting in an increasing market share,” the company said.
Stock market operators said this is a good development that boost its financial performance and deliver improved returns to investors going forward.
The company recently reported a profit after tax (PAT) of N595 million for the half year ended June 30, 2017, which was is a recovery from a loss of N2.432 billion recorded in the corresponding period of 2016.
The Chief Executive Officer (CEO) of the company, Mr. Bode Makanjuola had attributed the performance to the shared will and determination of the company’s management with the support of its board of directors to manage its overall expenses while maximising company revenue potential.