The management of Caverton Offshore Support Group are struggling to keep the earnings of the company afloat, as revenue of the logistics firm fell -39.3% in the second quarter of 2022.
Ripples Nigeria had reported three months ago that Caverton’s earnings would crash going into Q2 and H1 this year, considering it lost one of its major helicopter logistics contract with Chevron to Bristow Helicopter.
The company’s helicopter had also crashed in Cameroon, killing two pilots and nine passengers, amid allegations that Caverton has a poor maintenance culture towards its helicopters and owes salaries – this is likely to trigger fear among clients and prospective ones, which would eat into its turnover.
In the financial statement for the period between April to June 2022, Caverton failed to surpass the N9.90 billion generated in Q2 2021, as the company reported a turnover of N6 billion in Q2 2022, which falls short by N3.90 billion, when compared to the former.
