Caverton Offshore Support Group, a leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, will list its entire issued share capital on the Nigerian Stock Exchange (NSE) on May 20.
Coming on the heels of the listing of SEPLAT Petroleum Development Company, the first upstream company to be quoted on the NSE, the listing of Caverton will further integrate the oil and gas sector into the Nigerian stock market.
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.
Caverton Offshore Support Group (Caverton) is the holding company of Caverton Helicopters and Caverton Marine Limited, two Nigerian companies that have within a short period grown dramatically to become industry leaders in the oil and gas aviation and marine sub-sectors, two highly technical and capital intensive areas previously dominated by foreign firms.
Chairman, Caverton Offshore Support Group, Mr Aderemi Makanjuola, said the listing will usher the company into its next phase of growth.
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“We are extremely pleased as Caverton enters its next phase of growth as a listed company. 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,” Makanjuola said.
He said the company is keen on exploring entry into new markets while it will create a balanced and diversified portfolio.
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“We are pleased to have strong technical partners on board with us. This is in line with our strategy for sustainable growth and we are confident that the company will continue to achieve its growth aspirations while fostering indigenous participation in the Nigerian oil and gas industry,” Makanjuola said.
According to him, the listing represents a major milestone for the company in its steady march towards becoming the leading provider of oil and gas logistics services in sub-Saharan Africa.
“Our past and present speak eloquently for us. But we are not content on resting on our oars. Rather, we are keen on further diversification operationally and geographically. Apart from operating in Cameroon, we have been invited to bid in Ghana and invited to come for discussion in DRC. We are keen on building a world-class company that outlives us and becomes a byword for cutting-edge services and the best of corporate governance not only in Nigeria but in Africa,” Makanjuola said.
He noted that as a wholly-owned Nigerian company, Caverton has demonstrated that when given the opportunity, Nigerians can compete favourably with the best of foreign nationals adding that the company is desirous of opening the doors of opportunity to many other Nigerians.
“Becoming a publicly quoted company allows us to do more in this regard and permits us to add more value to the country and its economy,” Makanjuola said.
Caveton’s rising business profile has been 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 per cent 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 per cent.