Caverton Offshore Support Group Revenue Up 41% in Q2 2026

Caverton Offshore Support Group (NGX: CAVERTON) Plc recorded a 41% increase in revenue for the second quarter of 2026, totaling N8.6bn, up from N6.1bn in the first quarter. The Group's quarterly loss narrowed to N3.7bn from N5.0bn, an improvement of N1.2bn.

For the six-month period ending June 30, 2026, Caverton reported total revenue of N14.7bn and a loss of N8.7bn. The Group's net finance costs were N8.4bn, primarily impacting its bottom line.

The company emphasized its debt restructuring program as crucial for recovery. Operating profit before administrative costs reached N7.3bn, reflecting a margin of about 50% of revenue, attributed to effective cost management.

Caverton Marine significantly contributed to this performance, engaging in international tanker trading with Stena Bulk and expanding through a joint venture with Unity Shipping Worldwide. Additionally, the Group is introducing battery-electric passenger ferries in Lagos and restructuring its aviation operations in collaboration with NHV.

CEO Olabode Makanjuola stated that the first half of the year was challenging but showed positive revenue trends.