The Nation Newspaper

Tag: Caverton

  • Lagos Polo: Petrosmith, Caverton, others battle for trophy

    Lagos Petrosmith will take on Lagos Eat N’ Go today  in one of the games in the Low Cup at the ongoing 2017 NPA Lagos Polo International Tournament at the Lagos Polo Club.

    In the other games, Kano H. Hago will take on Lagos Caverton Sao Polo, while Lagos United battles Ibadan Eleyele.

    In some games decided, Kano H Hago edged Lagos Balmoral International 6 1/2 – 6 in the Low Cup as the final week of the 2017 NPA Lagos International Polo Tournament sponsored by GTBank commenced on Tuesday.

    Lagos La Mansuri also got off to a flying start in the Low Cup with an 8 – 3 1/2 win over Ibadan Oluyole with Ibrahim Musa Dantala, the MVP of the Silver Cup during the first week, influencing an impressive win for the home side.

    The last match of the day saw Lagos United defeat Kano Nakudu 8-4 to enhance their chances of progressing to the knock-out stage.

    In the Balmoral/Hago match watched by the Managing Director of GTBank, Segun Agbaje, the visitors – formed by Sarki Waziri (0), Tata Alikura (+2), Baccha Mustapha (+2) and Yusuf Ibrahim Katako (+2), took initiative and won two penalty kicks but were missed by Katako and Alikura, and they were made to pay for their wastefulness by Isa Kwame, who scored the opening goal with a low shot from about 12 yards to give Balmoral, completed by Luqman Adebayo (+1), Kabiru Saidu (+2) and Mohammed Dangote (+1).

    Kwame, a three-goaler, was back on the goal line less than thirty seconds after but this time, he puts his low shot off target. Katako puts Hago, who started the match on a half-goal handicap, ahead with a 10 -yard penalty to end the first chukka.

    Alikura extended Hago’s lead to 2 1/2 – 1 at the start of the second chukka but another 30-yards miss from him saw them missed the chance of furthering their lead. He amended for the miss in the final minute of the chukka to make scores 3 1/2 – 1 but Adebayo forced the ball over the goal line off a Kwame shot to end the chukka at 3 1/2 – 2.

    The penultimate chukka started on a blistering note with Katako scoring Hago’s fourth field goal and the chukka was barely 90 seconds old when Mustapha scored as Hago begin to get out of sight with scores at 5 1/2 – 2.

    Isa converted a 40-yarded for 5 1/2 – 3. Alikura’s missed a golden chance failing to convert in front of goal under no challenge.

    Dangote pegged the scores to 5 1/2 – 4 in the final chukka. Katako got his third goal for a 6 1/2 – 4 lead but Isa scored twice to set up a tense finale. However, there was no time left for further goals to the relief of Hago and their supporters.

  • Caverton takes delivery of new AW139 helicopter

    Caverton takes delivery of new AW139 helicopter

    As part of its expansion plans to increase market share in the oil and gas logistic business, Caverton Helicopters Limited has announced the addition of another AW139 helicopter to the fleet.

    According to statement by the company, this delivery brings the total number of AW139 helicopters to nine in its fleet.

    The additional equipment will further establish Caverton as the leading operator of this most modern helicopter in Africa.

    It will be recalled that in 2010, Caverton Helicopters edged out long-established foreign operators to win a multi-million dollar, multi-year contract from Shell Petroleum Development Company for the supply and operation of six helicopters.

    A seventh helicopter was added in May 2014. Won after a rigorous competitive bidding process, it is on record as the biggest contract ever awarded by the oil multi-national to an indigenous company.

    In 2013, the company commenced its first international operation after it won the contract to provide passenger transfer and pipeline surveillance services to the Cameroon Oil Transport Company (COTCO), a subsidiary of ExxonMobil.

  • Caverton acquires helicopter

    CAVERTON  Helicopters Limited has announce the acquisition of another AW139 helicopter.

    According to  statement by the company, this delivery brings the total number of AW139 helicopters to nine in its  fleet.

    The equipment will further establish Caverton as the leading operator of this most modern helicopter in Africa.

    The statement reads: “The aircraft with registration number 5N-BSG, is in line with our fleet expansion plans and it enables us to adequately support our existing contracts as a leading provider of aviation logistics services to oil and gas multinationals within and outside the country.”

    With a shift in strategy from partnerships with foreign helicopter firms to sole participation, Caverton has come of age over the last ten years. Bringing our own aircraft gives us more control, increases efficiency and ultimately improves our bottom-line. We are primed to continue to use the AW139 to service the oil and gas industry in Nigeria.”

    In 2010, Caverton Helicopters edged out foreign operators to win a multi-million dollars, multi-year contract from Shell Petroleum Development Company for the supply and operation of six helicopters.

    A seventh helicopter was added last May. Won after a rigorous competitive bidding, it is on record as the biggest contract ever awarded by the oil multi-national to an indigenous company.

    Last year, the firm started its first international operation after it won the contract to provide passenger transfer and pipeline surveillance services to the Cameroon Oil Transport Company (COTCO), a subsidiary of ExxonMobil.

    In June this year, the company signed an agreement with CAE, a Canadian firm, for the construction and operation of the first commercial flight simulation centre in Africa.

    This centre will also double as maintenance repair and overhaul facility and is in line with our vision is to be a one-stop-shop for training and logistics services in Sub-Saharan Africa.

  • Caverton raises dividend expectation over improved earnings

    The management of Caverton Offshore Support Group (COSG) Plc has expressed optimism that the aviation and maritime services provider would build on the momentum of its third quarter earnings to deliver better performance in 2014.

    Third quarter report of Caverton for the period ended September 30, 2014 showed that turnover rose by 31 per cent to N18.7 billion while operating margin improved to 23 per cent as against 10 per cent recorded in comparable period of 2013. Profit before tax rose from N2.5 billion in third quarter 2013 to N3.1 billion in third quarter 2014. Earnings per share stood at 56 kobo in 2014 as against 45 kobo in comparable period of 2013.

    Chief executive officer, Caverton Offshore Support Group, Mr. Bode Makanjuola said the directors of the company were confident that their cost control measures combined with the roll out of the company’s strategic growth plan have positioned it to improve profitability and create better returns to shareholders.

    According to him, the steady implementation of the company’s strategic plans is yielding good results as top-line growth was driven by growing demand for helicopter charters that complemented recurring revenues from fixed contracts.

    “As part of our strategic plan to diversify our income base, our plan in partnership with CAE to build and operate    the first aviation training centre and aviation maintenance, repair and overhaul services in Nigeria remain on course.  Furthermore, we shall continue to explore our options for opportunities to increase our market penetration in other sub-Saharan African countries,” Makanjuola said.

    He added that the company would continue to progress with its fleet expansion plans in the marine sector with the aim of supporting local and international oil and gas companies as they take their exploration and production activities further into the deep offshore.

    He reiterated the commitment of the company to achieving the national content development targets as more indigenous pilots, engineers and seafarers get the required training to enhance their competence.

    Makanjuola outlined some of the milestones behind the company’s performance to include the contract signed with CAE, a global leader in the provision of flight simulators to operate the first commercial aviation training centre in the sub-Saharan African region as well as the Caverton-RK -a joint venture between RKOffshore of Singapore and Caverton Marine Limited – which was awarded a contract to supply two Anchor Handling Tug supply vessels (AHTS) to Shebah Exploration and Production Company Limited (SEPCOL).

    Caverton is embarking on new business initiatives namely the Aviation Training Center (ATC) and Maintenance Repair and Overhaul (MRO) Facility. It will be recalled that at its last annual general meeting which was held in Lagos on June 5, COSG announced plans to build a 40,000 square metres facility at the Murtala Mohammed International Airport in Lagos for in-country training of pilots and engineers and aircraft maintenance, two areas that have serious implication for national capacity development, efficiency and safety in the aviation sector.

    In furtherance of this plan, on June 10 in Montreal, Canada, Caverton Helicopters signed a landmark agreement with CAE, a global leader in the provision of flight simulators, for training centre operation services at Caverton’s flight simulation training centre in Lagos. Expected to take-off next year, the facility will be the first commercial flight simulation training centre in Africa. CAE will provide a turnkey solution that will include the start-up, maintenance and operation of the centre for a specified period pending the full transfer of knowledge and skill-sets to Nigerians.

    Caverton transited fully into a publicly quoted company with the listing of its entire issued share capital on the Nigerian Stock Exchange (NSE) in May. Caverton listed 3.35 billion ordinary shares of 50 kobo each at N9.50 per share, which added N31.8 billion to the market capitalisation of the Exchange. Caverton was listed in the support and logistic subsector of the service sector in line with its core business of on-shore and off-shore logistics to oil and gas companies.

    On the heels of the listing, Caverton has won a two-year contract extension with Total Exploration and Production Nigeria Limited and is expecting a brand new AW139 helicopter which will be devoted to its long-term contract with Shell Petroleum Development Company.

  • Oil services firm Caverton set for $197m listing

    Oil services firm Caverton set for $197m listing

    An indigenous oil services company Caverton has received stock exchange approval for a planned N31.8 billion ($197 million) listing on May 20.

    Caverton, which provides marine and aviation services to multinational oil companies, including Shell, Total and Addax, said it will list 3.35 billion ordinary shares on the Nigerian bourse at N9.50 per share.

    The Nigerian Stock Exchange (NSE) Chief executive Officer (CEO) Oscar Onyema told Reuters last month that he expected more oil and gas listings to follow Seplat’s market debut in Lagos and London via a $500 million initial public offering (IPO).

    Nigerian IPOs dried up after a 2008 crash wiped more than 60 per cent off the market’s capitalisation. The index has since recovered, gaining 35 percent in 2012 and 47 percent in 2013, but new listings are still only trickling in.

    Caverton did not announce plans to raise fresh equity capital but said it wants to broaden its ownership base as it expands its shipping and helicopter services and diversify into new markets within West Africa.

    Profits at the oil servicing firm rose to N1.04 billion  in 2012, from N60.37 million a year earlier. Revenue grew to N16.13 billion naira in 2012, against N10.93 billion in 2011, the company said.

  • Caverton to list 3.35b shares on NSE

    Caverton to list 3.35b shares on NSE

    The Nigerian Stock Exchange (NSE) has given approval to Caverton Offshore Support Group Plc to list its entire share capital on the main board of the Exchange.

    The quotation committee of the NSE gave the approval after reviewing the prospective listing documents submitted by Caverton.

    Caverton would be listing 3.35 billion ordinary shares of 50 kobo each by way of introduction. The listing by way of introduction will enable existing shareholders of Caverton to trade on their shares while new investors can buy into the company.

    Market sources also hinted that Caverton will also float an initial public offering (IPO) to raise funds from the general investing public.

    Coming on the heels of the historic listing of SEPLAT Production and Development Company as the first upstream company on the NSE, the listing of Caverton will provide further inroad into the upstream oil and gas industry.

    Incorporated in June 2008, Caverton Offshore Support Group was formed in response to the Local Content Policy of the Federal Government, which is aimed at increasing indigenous participation in the oil and gas sector.

    The group, made up of Caverton Marine Limited, Caverton Helicopters Limited and other subsidiaries, is an indigenous conglomerate and one of the leading providers of marine, aviation and logistics support services to the oil and gas sector.

    Caverton Helicopters and Caverton Marine have provided services to clients working within the oil and gas industry for 15 years and have a global workforce of more than 600 employees.

    Caverton Helicopters, which started operations with an intra-city helicopter shuttle services in Lagos in 2004, has grown steadily to become a dominant player in the oil and gas and aviation sub-sector within and outside the country.

    On its part, Caverton Marine Limited, which was incorporated in 1999, has, among others, provides premium marine services to the Nigerian Ports Authority, Oando Plc, Total Fina Elf, African Petroleum, Shell Trading and Shipping Company and Shell Petroleum Development Company.

  • Caverton orders three helicopters

    Caverton orders three helicopters

    An indigenous civil helicopter company, Caverton Helicopters, has signed a contract with AgustaWestland, a Finmeccanica company, for an additional three AW139 helicopters to support new clients in the West African sub-region.

    Caverton according to a statement, operates six AW139s performing offshore transport missions in support of the oil and gas industry. It is the largest operator of the type in the region.

    The Managing Director Business of AgustaWestland, Geoff Hoon, said at the signing: “I am delighted Caverton Helicopters have ordered the AW139 to meet their requirements for a long range helicopter to serve deepwater oil and gas rigs. This contract highlights the continued success of the AW139 in West Africa and grows our successful partnership with Caverton Helicopters, who are not only the largest operator of the type in the region but are also our authorised service centre.”

    The Executive Vice-Chairman of Caverton, Adeniyi Makanjuola, said the signing represented another major milestone for his company as it broadens its client base and continue to increase its capacity in Africa.