Caverton Offshore H1 2026 Results: Loss Narrows, Marine Expands

Caverton Offshore Support Group Plc reported total revenue of ₦14.7 billion for the six months ended 30 June 2026, comprising ₦6.1 billion in Q1 and ₦8.6 billion in Q2 — a 41 per cent quarter-on-quarter increase. The Group recorded a half-year loss of ₦8.7 billion, with net finance costs of ₦8.4 billion identified as the primary drag on the bottom line.

The quarterly loss narrowed from ₦5.0 billion in Q1 to ₦3.7 billion in Q2. Basic EPS for the half year stood at negative ₦2.57.

Operating profit before administrative costs reached ₦7.3 billion, representing approximately 50 per cent of revenue. On the marine side, Caverton disclosed participation in three Suezmax tankers through its relationship with Stena Bulk, and a joint venture — Unity Shipping Worldwide — involving NNPC and Stena Bulk.

The Group also reported a firm order from Lagos State for ten battery-electric ferries under its OMIBUS platform, developed with Shanghai-based Explomar. In aviation, a restructuring of charter operations is targeted for H2 2026 in partnership with Belgium-based NHV.

The Group stated it has reworked its remaining dollar-denominated bank facilities as part of its debt restructuring programme.