Caverton Offshore Support Group Plc, Nigeria’s fully indigenous Marine and Helicopter services operator in the oil and gas sector of the economy held its Seventh Annual General Meeting (AGM) on May 11, 2016 at the Civic Centre, Ozumba Mbadiwe Avenue, Victoria Island, Lagos.
Presenting the Company’s operational and financial performance for the year 2015, the Chairman of the Group, Mr. Aderemi Makanjuola explained that; “Due to the challenges faced in 2015, we had a slowdown in activities in both our marine and aircraft operations, which led to a significant reduction in our growth revenue to N23.2 Billion from N24.9 Billion in 2014,” adding that, “The Company’s Profit After Tax at the 2015-year end stood at N988.08 Million as against N979.30 Million in 2014.”
However, in view of a slowdown in revenue largely due to reduced activities in the company’s ad-hoc charter services segment across both its subsidiaries and given the current economic climate, the Board of Directors highlighted the need to conserve and employ capital generated from the business in funding capital investments for the company. Hence, no dividend was paid to shareholders for the year 2015. “This emphasizes our commitment to putting the company first and ensuring that we make the necessary sacrifices to ensure improved shareholder value in future,” the Chairman stressed.
In spite of the tough economic climate, Caverton Offshore Support Group still managed to sign on four new clients in the helicopter subsidiary in 2015 and made huge investments in the areas of Human Capacity Building and Infrastructure.
“I am pleased to inform you that we successfully commenced the construction of the proposed commercial Maintenance Repair & Overall centre (MRO) and the Aviation Training School, which will be the first of its kind in Sub Saharan Africa. Consequently, construction kicked off in the year and we are on track to delivering on our promise by having the MRO fully operational by 2018.
During the year, your Company continued with its substantial investment in training and development of its workforce as we doubled the number of ground trainers. This move boosted our capacity to support our robust training schedule of more than 160 classes scheduled to start from this year onwards. Furthermore, 14 cadets were successfully trained and have already begun flying in 2016. In addition, we concluded the line Operations Safety Audit Training and Consulting (LOSA) for 18 personnel,” Makanjuola noted.