Caverton Completes Debt Restructuring After N8.7bn H1 Loss

Caverton Offshore Support Group Plc has reported a net loss of N8.7 billion for the half year ended June 30, 2026, even as it completed a debt restructuring aimed at reducing foreign exchange exposure and improving long-term sustainability.

The Lagos-listed aviation and marine logistics group released half-year results showing early signs of a turnaround, with revenue accelerating and losses narrowing quarter on quarter.

For the six months to June 30, 2026, Caverton posted revenue of N14.7 billion. Second-quarter revenue of N8.6 billion was 41 per cent higher than the N6.1 billion recorded in Q1.

The quarterly loss also narrowed to N3.7 billion from N5.0 billion in Q1, an improvement of N1.2 billion. The Group closed H1 with a total loss of N8.7 billion, with net finance costs of N8.4 billion remaining the biggest drag on earnings.

Beneath the headline loss, operating performance was firmer. Operating profit before administrative costs reached N7.3 billion, representing a margin of roughly 50 per cent on revenue, which the company attributed to disciplined cost management.

The clearest driver of growth is Caverton Marine. Through its relationship with Stena Bulk, the Group now participates in three Suezmax tankers trading internationally, a rare source of foreign-currency revenue for a Nigerian-listed company.

That partnership is being deepened through Unity Shipping Worldwide, a joint venture with the Nigerian National Petroleum Company and Stena Bulk.

In aviation, recovery is being anchored on a partnership with Belgium-based NHV, with the restructuring of charter operations targeted for H2 2026.

Underpinning the recovery plan is a restructured debt profile. Caverton said it has reworked its remaining dollar-denominated bank facilities to improve long-term sustainability and reduce the foreign-exchange exposure that has driven finance costs in recent periods.

The group chief executive officer, Olabode Makanjuola stated that “the first half of the year tested us, but the direction of travel is now visible in the numbers.”

According to him, quarter on quarter, we are working to build up our revenue to narrow losses. Our marine business units, from international tankers to electric ferries, are scaling. Meanwhile our aviation relaunch is on track for the second half, and our cost base is tighter than it has been in years.

“There is distance still to travel, but Caverton is moving from stabilisation to recovery, and we intend to finish 2026 with that momentum intact.”

Caverton said it looks to the remainder of 2026 with ‘measured confidence’ as the marine business scales, the aviation partnership comes on stream, and the benefits of the restructured balance sheet take hold.

Caverton Offshore Support Group is a Lagos-listed aviation and marine logistics group serving the oil and gas industry and, increasingly, passenger transport, ship management, and unmanned aviation across Nigeria and West Africa.