Caverton Completes Debt Restructuring After N8.7bn H1 Loss
Caverton Offshore Support Group reported a net loss of N8.7 billion for the first half of 2026, despite efforts to restructure its debt and improve operational efficiency. The company is focusing on new partnerships in marine and aviation sectors to drive a financial turnaround.
Why it matters
The company's struggle highlights the impact of foreign exchange volatility on Nigerian businesses and the challenges of restructuring debt in a difficult economic climate.
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.
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