Caverton Offshore Support Group has returned to positive cash generation, signalling that its core operations are stabilising. However, the offshore logistics company remains trapped in losses as heavy finance costs continue to overwhelm improvements in operations.
The group’s audited financial statement for the period ended December 31, 2025, shows that while cash balances strengthened and liabilities declined, interest expenses of over N18 billion continued to erase operational gains, leaving shareholders with another year of losses.
Perhaps the biggest positive surprise in the results is Caverton’s return to positive operating cash flow. Net cash generated from operating activities stood at N580.1 million in 2025, compared to a negative net operating cash of N5.58 billion in 2024.
During the period, working capital moved favourably, with trade and other receivables falling by N14.44 billion as collections improved, even as trade and other payables declined by N15.05 billion.
Investing activities generated N2.72 billion, against N900.7 million used in 2024. This came from N6.03 billion in proceeds from the disposal of assets previously held for sale and N12.21 billion in liquidated short-term investments, against N12.92 billion reinvested in new short-term securities and N2.36 billion in capital expenditure, mostly work-in-progress additions.
