Caverton Offshore Support Group Plc, founded by Nigerian magnate Aderemi Makanjuola, is implementing a groupwide overhaul to curb losses and restore profitability after a challenging year.
The company reported a loss of over $36 million in 2024, attributed to high operating costs and foreign-exchange pressure.
Group CEO Olabode Makanjuola, Aderemi’s eldest son, stated that the restructuring aims to tighten costs, improve service delivery, and boost investor confidence.
The company has already seen progress, with a sharply reduced net loss of $3.13 million for the nine months through September 2025.
Caverton is pushing forward in its marine division, having delivered 15 passenger boats for the Lagos State Government and nearing completion of a 30-seater electric ferry.
The company is optimistic about its recovery, leveraging investments in hangar facilities, aircraft maintenance, and local infrastructure to reclaim a stronger position in Nigeria’s offshore services market.
