Caverton snatches $21m helicopter charter revenue in lockdown

Caverton Offshore Group, a helicopter company which service mostly Nigeria’s oil exploration activities in the country’s Nigeria Delta region, posted a revenue of $21.2m for the second quarter of 2020.

This revenue comes despite the lockdown in the aviation sector which saw many domestic airlines sustaining huge financial losses.

But due to the fact that the lockdown did not extend to areas of oil exploration, the company’s revenue almost caught up with the $22.2m reported in the same period in 2019.

Caverton helicopter/airplane contract in the oil and gas industry represents 93 per cent of the group’s earnings.

However, the let-down for the company came in form of higher finance expenses, which amounted to $3.6m in the period under revenue, compared to $1.6m reported in the same period in 2019.

Caverton is reported to have close to 80 per cent market share of helicopter services in the country.

After a competitive bidding process in 2018, the company became the sole air transport service provider for the Chevron/NNPC joint venture in Escravos, in the Niger Delta.

Four years before, it became Nigeria’s first offshore logistics company to be listed on the Nigerian Stock Exchange raising $197m at its IPO offering at the time.