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Published On: Wed, May 21st, 2014

NSE lists Caverton’s 3.35bn shares

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From Ngozi Onyeakusi, Lagos

Caverton Offshore Support Group, (Caverton) one of the leading provider of marine, aviation and logistics services to local and international oil and gas companies, yesterday listed its 3.35 billion

shares of 50 kobo each by way of introduction on the main board of the Nigerian Stock Exchange (NSE) to be traded at N9.50 per share.

The listing via introduction which marked the first offshore support company to be listed on the NSE will avail existing shareholders of Caverton an opportunity of trading on their shares even as it paved

way for new investors participation in the company.

Speaking during the official presentation of the company’s Fact Behind the listing on the floor of the NSE, the Chief Executive Officer of Caverton, Mr Olabode Makanjuola, stated that the company is determined to be the African leading champion in providing oil and gas logistics

services With the company’s strong management team, staff at excess of 700 scattered in different locations across Africa, strong profitability in financial returns and consistent returns on investment is indeed a pointer that Caverton is on the verge of sustainable growth and development, Makanjuola assured.

He attributed Cavertons move to list on the Exchange to the Federal Government local content policy adding that the listing of the company which had already pave way for further exploration of business

opportunities by the company, represents a major milestone for its steady march towards achieving the feat.

“We are extremely pleased as Caverton enters its next phase of growth as a listed company. Leveraging on our expertise and execution capabilities, we plan to embark immediately on fleet expansion and the development of new service areas in the offshore marine and aviation

sectors,” he said.

Caverton Offshore Support Group (Caverton), the holding company of Caverton Helicopters and Caverton Marine Limited, was incorporated in June 2008, in response to the Local Content Policy of the Federal Government, which is aimed at increasing indigenous participation in the oil and gas business.

 

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