Caverton unfolds two-year marine business expansion agenda

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CavertonThe management of Caverton Offshore Support Group (COSG) has concluded plans to increase its marine business units in the next two years.

COSG, is a key player in the marine, aviation and logistics services industry especially to local and international oil and gas companies in Nigeria.

 According to Caverton’s Chief Executive Officer, Olabode Makanjuola, the company is presently pursuing ‘aggressively’ opportunities in the marine industry  “and are well positioned as the leading logistics provider to take full advantage of the benefits of current local content laws and initiatives”.

  COSG also anounced that  that Caverton-RK has been awarded a contract to supply two drilling vessels to Shebah Exploration and Production Company Limited (SEPCOL).

The contract, according to the company, will run for an initial period of three months and provides for Caverton-RK to supply two vessels in support of Rig Trident VIII SEPCOL’s offshore drilling operations.

Caverton-RK is a joint venture between RKOffshore of Singapore and Caverton Marine Limited (one of the two subsidiaries of COSG).

 The joint venture was formed in 2012 to take advantage of growing opportunities in the offshore support vessel sector.

On its part, SEPCOL is an indigenous exploration and production company and operator of the Ukpokiti offshore field, which it acquired from ConocoPhillips in 2004.

 Makanjuola stated: “We are delighted to be providing marine logistics services to a wholly indigenous exploration and production company in Nigeria.

 “Today, we not only provide logistics services in support of oil and gas exploration and production activities by multinational companies, but also provide services for indigenous Companies. This demonstrates our deep knowledge and experience in the Nigerian offshore support services industry.”

Explaining further, he said: “Whilst our aviation business accounts for a large portion of our revenue base presently, we plan to increase marine business contribution over the next two years. We are aggressively pursuing opportunities in the marine industry and are well positioned as the leading logistics provider to take full advantage of the benefits of current local content laws and initiatives”.

The statement explained that  Caverton’s strength lies in building local capacity and assets  “as attested by our aviation business. RKOffshore brings vast experience to the JV and recognises our commitment to local capacity development.

Some members of the crew onboard the vessels are local and plans are underway to further increase local participation. It should be noted that Caverton Marine has vast experience in ownership and operation of LPG and Petroleum Product tankers prior to venturing into the oil service sector.

 ”In addition to its listing on the Nigerian Stock Exchange on May 20 this year, Caverton recently announced its financial results for the period ended June 30 2014 which showed 21% increase in revenue to N12.5 Billion combined with improving operating performance”.

[The Guardian]

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