Caverton Offshore Support Group Plc has announced its unaudited results for the first quarter ended 31 March 2026, showing it recorded revenue of N6.09 billion, a 32.2 percent year-on-year decline from ₦8.98 billion, driven by reduced activity in the aviation contract and helicopter charter segments.
Even so, profitability quality improved: gross margin rose to 63 percent and EBITDA margin to 32 percent, as cost of sales fell 36 percent on disciplined cost management. The Group reported a net loss before tax of N4.95 billion for the quarter.
While flight contract and charter revenue declined, the maintenance business proved resilient and UAV & Allied Services grew 128 percent year-on-year. The standout of the quarter was Caverton Marine, where revenue surged on new vessel charter income, with three Suezmax oil tanker vessels trading globally.
Caverton Marine is also building one of the most exciting growth stories in Nigerian water transportation. Through its OMIBUS platform and a partnership with the Shanghai-based electric engine OEM Explomar, Caverton is introducing electric-propulsion passenger ferries to Nigeria’s waterways, a clean, modern, and genuinely first-of-its-kind offering in Nigeria and sub-Saharan Africa.
