Caverton Offshore Support Group posts wider annual loss

Caverton Offshore Support Group saw its after-tax loss more than double in 2023 compared to the previous year despite an increase in revenue.

The company, which provides offshore services to the oil and gas industry, harbour and general marine operations, reported a loss of N12.75 billion as against N5.16 billion in 2022, according to its earnings report released on Saturday.

Its revenue from contracts with customers rose to N31.99 billion from N29.23 billion.

Administrative expenses more than doubled to N10.74 billion from N5.12 billion, while impairment loss on financial assets jumped to N2.38 billion from N402.31 million.

Caverton’s shareholder funds plunged from N12.15 billion at the end of 2022 to a negative of N747.64 million.