{"url":"https://newsforagent.com/news/2026-11-04/caverton-revenue-growth-loss-widens","markdown_url":"https://newsforagent.com/news/2026-11-04/caverton-revenue-growth-loss-widens.md","title":"Caverton Revenue Rises 1.4% to N20.74bn as Loss Widens","headline":"Caverton Posts 1.4% Revenue Growth to N20.74bn but After-Tax Loss Widens to N13.79bn","description":"Caverton Offshore Support Group lifted nine-month revenue 1.4% to N20.74bn, yet its after-tax loss widened to N13.79bn on depreciation and a prior one-off gain.","section":"Earnings & Results","published_at":"2026-11-04T01:07:24+00:00","modified_at":"2026-11-04T01:07:24+00:00","author":"News Desk","key_takeaways":["Caverton Offshore Support Group's revenue rose 1.4% to N20.74bn in the nine months ended September 30, 2026, from N20.45bn a year earlier.","The after-tax loss widened to N13.79bn from N4.63bn, with N5.9bn of non-cash depreciation and the absence of a N5.3bn one-off gain cited.","Interest-bearing borrowings stood at N81.55bn as of September 30, 2026, and the company is discussing a possible equity investment in its aviation business."],"companies":[{"name":"Caverton Offshore Support Group","is_primary":true,"profile_url":null,"website":"https://caverton-offshore.com"}],"source":{"publisher":"Punch Newspapers","title":"Caverton’s revenue grows 1.4% to N20.74bn","url":"https://punchng.com/cavertons-revenue-grows-1-4-to-n20-74bn/"},"other_sources":[],"tags":["Earnings & Results","Caverton Offshore Support Group"],"body_markdown":"Caverton Offshore Support Group Plc grew revenue 1.4% to N20.74bn in the nine months ended September 30, 2026, from N20.45bn a year earlier, while its after-tax loss widened to N13.79bn from N4.63bn. [Punch Newspapers](https://punchng.com/cavertons-revenue-grows-1-4-to-n20-74bn/) reported the figures from the company's nine-month financial report. Caverton is a Nigerian maritime and aviation services company serving the oil and gas industry.\n\n## Marine Business Lifts Caverton's Nine-Month Revenue\n\nThe marine business accounted for almost a third of group revenue and helped offset the loss of revenue from a major helicopter contract that ended last year. Caverton attributed much of the larger loss to N5.9bn in non-cash depreciation charges following the revaluation of its assets last year, and to the absence of a one-off gain of N5.3bn recognised in the prior year's results. Net finance costs fell 16%, a reduction of N2.19bn year-on-year, with a net foreign exchange gain. The board approved the results on October 28.\n\nGroup Chief Executive Officer Olabode Makanjuola said: \"Caverton is in transition. A year ago, our marine business barely registered in our accounts. Today, it delivers almost a third of Group revenue, earns foreign currency through a leading international Suezmax pool and is building indigenous electric ferries for Lagos.\"\n\nThe OMIBUS electric ferry platform completed sea trials on Lagos waterways, and during a full-load trial a ferry carried passengers across 12.6 nautical miles between Falomo and the Ikorodu ferry terminal. Commercial passenger services are to begin on shorter, high-demand routes linking CMS, Falomo, Victoria Island and Lekki, with longer routes including Ikorodu introduced as charging infrastructure and battery performance are further established. Caverton is building 10 electric ferries for the Lagos State Government at its marine facilities, including its Naval Dockyard operation in Victoria Island, with propulsion technology from ExploMar of Shanghai, China.\n\nInterest-bearing borrowings stood at N81.55bn as of September 30, 2026. Caverton said discussions were ongoing to restructure its debt and that it is discussing a possible equity investment in its aviation business with prospective strategic partners. Makanjuola said: \"We are tackling our financing pressures head-on, and as these businesses grow, we are building a more diversified and resilient Caverton, positioned to deliver long-term value for our shareholders.\"\n\n## Caverton's Earlier 2026 Results\n\nIn August 2026, Punch Newspapers reported that Caverton's second-quarter revenue rose 41% and its quarterly loss narrowed to N3.7bn from N5.0bn in the previous quarter. That month, Punch Newspapers also reported a net loss of N8.688bn for the first half of 2026, reversing from a N2.041bn profit in the first half of 2025, driven by escalating operational costs and heavy debt-servicing obligations. In July 2026, Theafricareport reported that Caverton, described as Nigeria's largest domestic aviation logistics provider to the oil and gas industry, was recalibrating its business model amid the departure of international oil companies from onshore and shallow-water assets in Nigeria.\n\n## OMIBUS Ferry Rollout and Aviation Talks\n\nCommercial OMIBUS passenger services are to start on the shorter Lagos routes, with the Ikorodu route to follow as charging infrastructure and battery performance are established. Caverton is also pursuing strategic partnerships to restore and expand flight operations, and discussions continue on a possible equity investment in the aviation business. More on the company's operations is available on [its website](https://caverton-offshore.com).\n","publisher":{"name":"News for Agent","url":"https://newsforagent.com"}}