In commemorating 75 million Lost Time Injury (LTI) free man-hour, the Production Directorate of Shell Petroleum Development Company (SPDC) of Nigeria has awarded Caverton Helicopters the Safety Conscious Contractor of the Year Award.
Caverton was nominated and won the award in the Medium and High Risk category. Justifying the award, SPDC said in a statement that, “Caverton Helicopters developed safety programmes to improve staff safety culture, raised the bar on engagement sessions, ‘Aim for Zero’ Campaign and actively ready to learn from previous incidents.”
The award ceremony, which took place at Shell Port Harcourt was received by the Base Managing Pilot on behalf of Caverton Helicopters.
Caverton Helicopters is a subsidiary of Caverton Offshore Support Group Plc (COSG).
In a bid to become a global conglomerate, the company had said that it would extend its operation to other sub-Saharan African countries.
Its Chief Executive Officer, Mr. Olabode Makanjuola, said this at the company’s 5th Annual General Meeting (AGM) where shareholders approved the payment of N418 million dividend, representing N12.5 kobo for every 50 kobo ordinary share held.
He said the company has a lot of plans in terms of diversification.
“We are already in Cameroon and we intend to further extend to other countries in sub-Saharan Africa. We are evolving to a global conglomerate,” he said.
Makanjuola noted that the company would begin the construction of an aircraft maintenance, repair and overhaul centre as well as an aviation training centre at Murtala Muhammed International Airport, Lagos.
Makanjuola, who told the shareholders that the company started 2014 with a corporate re-branding exercise, said, “we have now obtained relevant regulatory approvals to commence the construction of our maintenance, repair and overhaul centre as well as an aviation training centre on a 40,000 square meters facility at the Murtala Muhammed International Airport, Lagos, both of which will house OEMs (Original Equipment Manufacturers).”
A review of the company’s financial performance shows that despite the challenges faced in its sectors in 2013 financial year, it improved its previous year’s performance. The feat was achieved with the support of its growing customer base and stakeholders.
The company recorded an appreciable turnover growth of 15.7 per cent from N16.132 billion in 2012 to N18.663 billion in 2013.
Its profit after tax at the 2013 year end stood at N1.875 billion as against N1.360 billion in 2012, representing a growth of 37.9 per cent.
The operating and administration costs, however, increased by 25.8 per cent from N13.431 billion in 2012 to N16.909 billion in 2013.
Makanjuola said the recorded increases in both turnover and PAT was due to the stability and incremental business from both existing and new contracts signed in the financial year under review.
Shareholders’ funds employed also increased by 15.9 per cent in balance sheet size from N9.823 billion in 2012 to N11.380 billion in 2013.

Caverton wins Shell’s safety conscious award