Caverton Offshore Q1 2026 Results: Revenue Falls, Marine Soars

Caverton Offshore Support Group Plc reported revenue of ₦6.09 billion for Q1 2026, down 32.2% from ₦8.98 billion in Q1 2025, with the decline attributed to reduced activity in aviation contract and helicopter charter segments. Despite lower revenue, gross margin improved to 63% and EBITDA margin reached 32%, as cost of sales fell 36%. Operating expenses dropped to ₦2.76 billion from ₦8.78 billion a year earlier, helping operating profit rise to ₦3.33 billion from ₦528.97 million. Net finance costs widened 71.1% to ₦4.49 billion, which the Group linked to dollar-denominated loan obligations, resulting in a net loss of ₦4.96 billion and a basic EPS of negative ₦1.48.

Marine vessel revenue surged from ₦33.7 million to ₦727.3 million, driven by three Suezmax oil tanker vessels trading globally through a partnership with Stena Bulk. The Group also disclosed a joint venture, Unity Shipping Worldwide, involving the Nigerian National Petroleum Company and Stena Bulk. In aviation, Caverton referenced a partnership with NHV targeting relaunch of charter operations in H2 2026. UAV and Allied Services revenue grew 128% year-on-year. The Group also disclosed a firm order from Lagos State for ten electric-propulsion passenger ferries.