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
- Airbus delivers an H145 to the Saxony-Anhalt police
- Bristow Group Announces Quarterly Dividend
- HAI Statement on US Court of Appeals Ruling Regarding Drone Registration
- Centaurium takes delivery of its GrandNew helicopter
- Marine Corps Aviation Association Awards 2017
- Summit Aviation Receives AS9110 Certificate
- Marenco SKYe SH09 to Norway
- Boeing awarded $143M contract for 24 AH-64E Apaches modification
- MD Helicopters awarded $77M contract for Logistics Support for Afghanistan MD530F Fleet
- Government of Greece– CH-47D Helicopters
- Oregon Dept Fish and Wildlife replaces helicopters with drones
- SAFE Structures partners with Eidos Ergonomics
- Prince George’s County Police Department to expand aviation section
- A New Station Commander for RAF Shawbury
- Norway trials Schiebel Camcopter S-100
- EDA wraps up Fire Blade 2017 exercise in Hungary
- Brazilian military takes delivery of two H225Ms
- BK117 Role Equipment Granted FAA Certification
- Milestone Aviation opens new office in Sydney
- CHI Aviation Awarded Contract With USTRANSCOM