Home / OIL & GAS / Drilling Vessels Contract Will Boost Caverton’s Revenue —CEO

Drilling Vessels Contract Will Boost Caverton’s Revenue —CEO

Drilling Vessels Contract Will Boost Caverton’s Revenue —CEO

Mr-Olabode-Makanjuola

The Chief Executive Officer, Caverton Offshore Support Group, Mr. Olabode Makanjuola, has said the award of a new contract to Caverton-RK to supply drilling vessels to Shebah Exploration and Production Company Limited will boost its revenue base.

A statement from the company, which was made available to our correspondent last week, said the contract would run for an initial period of three months with Caverton-RK to supply two vessels in support of Rig Trident VIII SEPCOL’s offshore drilling operations.

According to the statement, Caverton-RK is a joint venture between RKOffshore of Singapore and Caverton Marine Limited, one of the two subsidiaries of Caverton Offshore Support Group.

It added that 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 was quoted to have 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”.

He also stressed that the company was delighted to be providing marine logistics services to a wholly indigenous exploration and production company in Nigeria.

He said, “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.”

According to the statement, Caverton’s strength lies in building local capacity and assets as attested by its aviation business. RKOffshore brings vast experience to the JV and recognises the commitment to local capacity development.

It added, “Some members of the crew onboard the vessels are local and plans are underway to further increase local participation.”

Caverton Offshore Support Group, which was listed on the Nigerian Stock Exchange in May this year, recently announced its financial results for the period ended June 30 2014.

The results showed that the group grew its revenue by 21 per cent to N12.5bn, with improvements in its operating performance.

Caverton, an oil services companies, provides solutions for a range of multinational companies across aviation and marine services.

It has two subsidiaries; Caverton Marine, an indigenous shipping company, which commenced operations in 1999, and Caverton Helicopters, a helicopter charter, sales and maintenance company established in 2002.

Both companies were consolidated to form Caverton Offshore Support Group in June 2008.

The group’s focus and primary business is to provide logistics and environmental support services to oil and gas fields with broader plans to support energy operations along the West African shelf as well as other ancillary support services.

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