Caverton Offshore Support Group Plc (Bloomberg: Caverton NL) the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria expects to report materially lower earnings for the period ending 30th June 2016 largely due to the unavoidable impact of the recent Naira devaluation which took place within the second quarter of the year.
The impact of the recent Naira devaluation by the Central Bank of Nigeria is expected to result in unrealized foreign translation loss arising largely from the groups’ dollar denominated borrowing used to finance core assets in both its Helicopter and Marine businesses. We continue to focus our efforts on diversifying and increasing our revenue streams and also improving our profitability through expansion into higher margin offshore service offerings.
Management is confident that its ongoing initiatives and investment across its value chain will provide improved future performance, positioning it for long term success.
Further information will be disclosed following the release of the H1 2016 unaudited financial results
- San Bernandino Sherriff Acquires H125
- Bell to work with PGZ on UH-1Y in addition to AH-1Z
- NEMSPA opens nominations for two awards
- AeroBrigham to represent Swiss Rotor Solutions in US
- Heli-One USA Celebrates 10 Years of Service
- Eagle Australasia proud to help the local community
- Sikorsky sets up EMS championship in Poland with Black Hawks
- FAA shakes up Certification team
- Robertson testing AS350 crash resistant fuel tank
- Kaman announces date for FY2017Q2 earnings
- Garmin Pilot Adds Features for Android and Apple App
- Final Delivery Bell Huey II helicopters delivered to Kenya Air Force
- Russian Helicopters sell 10 aircraft to China
- Airbus awarded patent for connection joint for attaching an airfoil blade to a helicopter’s bearingless main rotor
- Honeywell International awarded $9M contract for delivery for V-22 aircraft side air panel assemblies
- United Technologies awarded $28M contract for procurement of 420 auxiliary power units of UH-60 Black Hawks
- L-3 Communications awarded $9M contract for Procurement of Installation of 96 ADS Broadcast avionics kits
- Lockheed Martin awarded $20M contract for Delivery of MH-60 spare parts
- Bristow returns two EC225s to leasing company
- NZ – Northland seeking to upgrade to two Sikorsky S76C from S76A models