Caverton, a leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, made history by becoming the first offshore support company to list on the Nigerian Stock Exchange (NSE).  

Having met all NSE and other regulatory requirements, Caverton Offshore Support Group has been given approval to list by introduction on the main board of the exchange.

The company’s 3.35 billion shares will be listed for trading at N9.50 per share. According to the NSE, the listing will take place on May 20, 2014.

“We are extremely pleased as Caverton enters its next phase of growth as a listed company,” said Mr. Aderemi Makanjuola, chairman of the company, adding: “Leveraging on our expertise and execution capabilities, we plan to embark immediately on fleet expansion and the development of new service areas in the offshore marine and aviation sectors.”

Caveton’s rising business profile was powered by strategic partnerships, highly skilled management and staff, investment in cutting edge technology and facilities and strong financial performance.

In the 2012 financial year, the company’s turnover rose 47.6% to N16.132 billion, from N10.928 billion in 2011. Profit after tax and exceptional items jumped to N1.035 billion from N60.373 million in the previous year, an increase of 1,625% Caverton Helicopters edged out long-established foreign operators to win a $648 million, multi-year contract from Shell Petroleum Development Company for the supply and operation of seven helicopters. 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.

Source: Daily Trust (by Kayode Ogunwale)