Caverton appoints Chesa Okoroafor as new Chief Financial Officer, releases half year results

NIGERIA – The Board of Directors for Caverton Offshore Support Group Plc (COSG), the provider of marine, aviation and logistics services to local and international oil and gas companies has appointed Mr. Chesa Okoroafor as the new Chief Financial Officer following the resignation of Mrs. Titilola Adigun.

This disclosure was made in a statement by the Board of Caverton Offshore Support Group Plc, which was sent to the floor of the Nigerian Stock Exchange.

“This is to inform The Nigerian Stock Exchange and the investing public of the resignation of Mrs. Titilola Adigun as the Chief Financial Officer of Caverton Offshore Support Group Plc (COSG) effective November 2, 2020.” The statement partly reads,

“Following the resignation of Mrs. Titilola Adigun, the Board of Directors appointed Mr. Chesa Okoroafor as the Chief Financial Officer of Caverton Offshore Support Group Plc effective November 2, 2020,” read part of a statement by the company.

Mr. Okoroafor joined Caverton Helicopters Limited (the Company), a subsidiary of Caverton Offshore Support Group Plc, in 2010 as an Internal Auditor. He has since worked in various roles in the Company as Head, Internal Audit/Tax Department, and Deputy Chief Financial Officer.

Prior to Mr. Okoroafor’s appointment as the Chief Financial Officer of Caverton Offshore Support Group Plc, he was the Financial Controller of Caverton Helicopters Limited.

Half year results

Meanwhile Caverton announced its unaudited first half year results for 2020. The results show a profit before tax of N1.5 billion (US$3.93m) and an after-tax profit of N1.2billion (US$3.14m).

Its revenue went down by eight percent, to N23.6 billion (US$61.78m), as against the N25.8 billion (US$67.54m) recorded in September 2019.

In the same vein, the company’s direct operating expenses also dropped by 10 per cent supporting the earnings per share, which also dropped by 55 per cent, when compared to 2019 third quarter results

Its EBITDA for the period was N8.1 billion (US$21.1m), lower than the N9.5 billion (US$24.87m) recorded as of September 2019, while earning per share was 35 kobo, as against the 77 kobo recorded as of September 2019.

Caverton has a young and growing fleet of vessels and aircraft operating out of nine locations. The company has an impressive oil and gas client base which include Shell, Total, ExxonMobil, NNPC, Aiteo, Aje-Folawiyo, and Chevron, among others.

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