Caverton Offshore Support Group Plc, a leading provider of marine, aviation, and logistics services to the oil and gas sector, has posted strong operational improvements in its unaudited results for the third quarter ended September 30, 2025, despite a challenging business environment.

The company’s gross profit rose by 16% to N10.9 billion, up from N9.4 billion in Q3 2024. Operating profit also improved significantly to N9.8 billion, compared with a loss of N34.9 billion in the same period last year, while Loss Before Tax (LBT) reduced to N4.6 billion from N41.6 billion in Q3 2024.

Caverton’s gross margin surged to 55.6% from 15.2% in 2024, and its net profit (loss) margin turned positive at 18.9%, up from -19.7% in 2024. The EBIT/Interest Expense ratio also improved to 28.1% from 23.1% in the previous year.

Group Chief Executive, Olabode Makanjuola, said the results reflect the strength of Caverton’s business fundamentals and the effectiveness of its turnaround strategy.

“While we acknowledge the loss position, the reduction in pre-tax losses and strong operating profit demonstrate the effectiveness of our strategic initiatives to stabilise operations, enhance cost efficiency, and strengthen earnings. Our focus remains on repositioning Caverton for sustainable growth,” Makanjuola said.

Caverton is also implementing several strategic initiatives to diversify revenue streams and enhance shareholder value:

• Launching an air cargo business to tap opportunities in Nigeria’s logistics and e-commerce sectors.
• Preparing for the Unity Shipping Worldwide joint venture with NNPC and Swedish shipping giant Stena Bulk to develop indigenous shipping capacity and diversify income.
• Expanding boat-building capacity in collaboration with the Nigerian Navy, including the launch of Nigeria’s first 100% electric ferry, built with Chinese partner Explomar and supported by the Naval Dockyard, with full-scale production expected in Q4 2025.

“These initiatives aim to strengthen business continuity, improve cash flow stability, and position Caverton for long-term sustainable growth,” Makanjuola added.