Caverton’s Debt Rises 17% to N77.07bn in Caverton Offshore Support Group Plc increased its total interest-bearing borrowings by 17.1 per cent to N77.07 billion in the first half of 2026, as the offshore aviation and marine logistics company relied more heavily on debt financing amid mounting cost pressures.
The group’s unaudited financial statements for the six months ended June 30, 2026, showed that total interest-bearing loans and borrowings rose from N65.79 billion as of December 31, 2025, to N77.07 billion, representing an increase of N11.28 billion.
The increase in borrowings came as Caverton reported a net loss of N8.69 billion during the period, reversing from a profit of N2.04 billion recorded in the corresponding period of 2025. The company’s earnings were weighed down by finance costs of N8.37 billion, which accounted for almost the entire pre-tax loss of N8.66 billion.
A breakdown of the balance sheet showed that non-current borrowings rose sharply to N35.45 billion from N17.90 billion at the end of 2025, while current interest-bearing loans stood at N41.62 billion, bringing total borrowings to N77.07 billion.
According to the financial statements, the company’s debt portfolio comprises facilities obtained from commercial banks, development finance institutions and other lenders to support its aviation, marine and logistics operations.
Despite the higher leverage, Caverton grew its asset base during the period. Total assets increased to N122.04 billion as of June 30, 2026, from N118.63 billion at the end of December 2025. However, shareholders’ equity weakened further, with total equity deteriorating to negative N15.50 billion from negative N8.76 billion over the same period.
Revenue for the six-month period stood at N14.68 billion, supported by contributions from helicopter contracts, helicopter maintenance, vessel agency services and aviation training operations. However, rising administrative expenses and debt servicing obligations offset operating income, leaving the company in a loss position.
