Caverton revenue rises 1.4% to ₦20.74bn as electric ferries near launch
- Caverton's nine-month revenue grew 1.4% to ₦20.74bn, helped by its marine business.
- The company's loss after tax widened to ₦13.79bn from ₦4.63bn a year earlier.
- Its OMIBUS electric ferries have finished sea trials on Lagos waterways ahead of passenger service.
Caverton Offshore Support Group Plc grew revenue 1.4 per cent to ₦20.74bn in the nine months to 30 September 2026, up from ₦20.45bn a year earlier, according to its unaudited results approved by the board on 28 October.
The growth came mainly from the company's marine arm, which now brings in almost a third of group revenue. A year ago, marine barely featured in its accounts. The new income helped cover the loss of a major helicopter contract that ended in August 2025.
But the bottom line got worse. Caverton posted a loss after tax of ₦13.79bn, compared with ₦4.63bn in the same period of 2025. The company blamed ₦5.9bn in non-cash depreciation charges after last year's revaluation of its assets, and the absence of a ₦5.3bn one-off gain it recorded in 2025.
Electric ferries for Lagos
The results come as Caverton's OMIBUS electric ferry platform completed sea trials on Lagos waterways. In a full-load trial, one ferry carried passengers 12.6 nautical miles between Falomo and the Ikorodu ferry terminal.
Commercial passenger service will start on shorter, busy routes linking CMS, Falomo, Victoria Island and Lekki. Longer routes such as Ikorodu will follow once charging points and battery performance are proven.
Caverton is also building 10 electric ferries for the Lagos State Government at its marine facilities, including its Naval Dockyard operation in Victoria Island. The vessels combine local construction with propulsion technology from ExploMar of Shanghai, China.
For Lagos commuters, the ferries could offer an alternative to road traffic on the city's waterways, though no start date for passenger service was given.
Group Chief Executive Officer Olabode Makanjuola said the company was in transition. "A year ago, our marine business barely registered in our accounts," he said, adding that it now earns foreign currency through an international Suezmax tanker pool.
Debt and aviation
Caverton's interest-bearing borrowings stood at ₦81.55bn as of 30 September 2026. The company said it is restructuring the debt to make repayments more manageable, and lower interest rates have already cut net finance costs by ₦2.19bn, or 16 per cent, year on year.
Its aviation business remains under restructuring. About 60 per cent of its maintenance, repair and overhaul (MRO) facility is leased to a third-party provider, and the company is in talks with prospective partners on an equity investment in the aviation arm. It is also discussing a partnership with international operator NHV to restore and expand flight operations.
Its helicopter contract with COTCO in Cameroon runs to March 2028, with options to extend. The drone business, run with partners including the National Agency for Science and Engineering Infrastructure (NASENI), is also being expanded.
What happens next: Caverton says it will focus on growing the OMIBUS platform, expanding marine operations, restoring flights through partnerships and completing its debt restructuring. Management believes these steps can return the group to sustainable profit.
