Caverton Helicopters, a subsidiary of Caverton Offshore Support Group Plc, has commenced its Chevron logistics support contract by taking the first official flights to Excravos on Sunday the 1st of May.
Two helicopters- a Bell 407 GXP and a Bell 412 were flown to the facility by Caverton’s Chairman, Capt. Josiah Chioms and Capt. Daniel Pam with his co-pilot, First Officer Atonyapagha Oruh; respectively.
In a released statement issued to Nairametrics concerning the development, the company expressed optimism that this move would not only be beneficial to them but also positively impact the entire West African helicopter support business sector.
The Chevron Contract (a total of 11 aircraft involved), promises to be a big game changer for Caverton Helicopters in particular, and the entire offshore helicopter support business in West Africa. The commencement contract was preceded by months of hard work and preparation by various departments in the company as well as rigorous pre-commencement audit by NCAA.-Caverton
A look at Caverton’s expansion drive
The company had last year secured a five-year logistics contract with Chevron Nigeria Limited after a competitive tendering process. The contract, which comes with a 2-year renewable option, would see the aviation company provide logistics support for the oil company which currently operates the NNPC/Chevron joint venture in Excravos.
Caverton Offshore Support Group Plc earlier in the year unveiled eleven newly-acquired helicopters which were purchased solely for the purpose of this Chevron contract. This increased the company’s total helicopter fleet to seventeen.
What does this mean for Caverton and its shareholders?
As we earlier analyzed, this year has begun on a good note for the company, especially in the light of the above mentioned contract with Chevron. More so, global oil prices have been on the high, thereby indicating more promising opportunities for the company. Should the oil market maintain its current trend, Caverton will surely earn higher revenue this year, increase its profit and hopefully, pay dividends to its shareholders.
Caverton Offshore Support Plc is a marine and aviation logistics company which operates in Nigeria’s oil and gas sector. It was incorporated in 2008 and positioned for the acquisition of Caverton Marine Limited and Caverton Helicopters Limited, two previously existing logistics companies that were incorporated in 1999 and 2002 respectively. Its shares are currently trading at ₦2.40 in today’s session of the Nigerian Stock Exchange.