Caverton Offshore Q2‘16 Profit Will Be Materially Lower Than Expected Due to Naira Devaluation

Proshare

 

Friday, July 29, 2016 8:42am/ NSE 

Caverton Offshore Support Group Plc 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.  

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