Caverton Offshore Support Group PLC has announced plans for a comprehensive business restructuring across all its subsidiaries, aimed at improving operational efficiency and boosting profitability.

The disclosure was made by CEO Olabode Makanjuola during the company’s 2024 virtual Annual General Meeting (AGM) held on November 21, 2025. Makanjuola said the restructuring will affect both the group’s board and subsidiaries, signaling a major overhaul to enhance performance.

Reflecting on 2024, he acknowledged the challenging business environment, saying, “We are going through a massive overhaul. Costs are being pruned in the helicopter business, and improved revenue is expected.”

Makanjuola highlighted ongoing initiatives, including a partnership with The National Agency for Science and Engineering Infrastructure (NASENI) to develop Caverton’s drone business. He also announced that the group’s fixed-wing cargo operations are set to commence in the first quarter of 2026.

In the marine sector, Caverton has delivered 15 of 25 boats to the Lagos State Government and is preparing to roll out a 30-seater electric ferry. Additionally, the company formalized the UNITY Shipping Worldwide joint venture with NNPCL and Sweden’s Stena Bulk, further expanding its shipping footprint.

To strengthen commercial strategy, Pauline Sessou-Diop, former Euronav London General Manager, was recently appointed as Caverton Marine Limited’s Chief Commercial Officer, focusing on eco-efficient fleet expansion and West African market growth.

Chairman Aderemi Makanjuola assured shareholders that the group’s next financial report would reflect significant improvement over 2024, despite challenges including foreign exchange losses. He stated, “We are adjusting more dollar-denominated transactions to naira. It’s difficult, but progress is being made.”

Shareholders provided mixed reactions. Bisi Bakare called for greater gender balance on the board, while Adio Alex acknowledged sustained business operations but urged a review of borrowing strategies. Comrade Oguntoye Lawrence appreciated the revenue performance but noted FX challenges. Others, including Ajudua Patrick and Sunny Nwosu, recommended raising fresh capital through rights issues or a public offering.

A review of 2024 financials showed revenue growth to N40.18 billion, up from N32.99 billion in 2023, and gross profit rising to N8.42 billion. However, loss before tax widened sharply to N53.67 billion, compared with N12.69 billion in 2023, while loss after tax stood at N53.86 billion. Total assets decreased to N76.16 billion, with shareholders’ funds at (N54.61 billion).

Despite the setbacks, Caverton’s leadership expressed confidence that ongoing restructuring, strategic partnerships, and operational improvements would return the group to sustained profitability in the coming years.