Caverton Offshore Support Group: Quarter 1… (NSENG:CAVERTON)

1, Prince Kayode Akingbade

Victoria Island Annex

Lagos, Nigeria

Tel: +234 (1) 2705757

+234 (1) 2705656

+234 (1) 809 900 009

Fax: +234 (1) 461745

mail: info@caverton-offsho

https://www.caverton-offshore.co

CAVERTON OFFSHORE SUPPORT GROUP PLC

Lagos, Nigeria

Caverton Offshore Support Group

Unaudited Consolidated and Separate Financial Statements

Statement of Profit or Loss and Other Comprehensive Income

For the Period Ended 31 MARCH 2025

Group		Group			Company
January to March	January to March	January to March	January to March	January to March	January to March	January to March
2025	2025	2024	2024	2025	2025	2024
N 000	N 000	N 000	N 000	N 000	N 000	N 000
8,975,300	8,975,300	9,307,509	9,307,509	-	-	-
(5,352,124)	(5,352,124)	(8,778,543)	(8,778,543)	-	-	-
3,623,176	3,623,176	528,966	528,966	-	-	-
(1,834,895)	(1,834,895)	(3,062,067)	(3,062,067)	(26,288)	(26,288)	(96,017)
4,554,799	4,554,799	3,331,729	3,331,729	-	-	-
20,072	20,072	24,775	24,775	-	-	-
6,363,152	6,363,152	823,403	823,403	(26,288)	(26,288)	(96,017)
(4,705,972)	(4,705,972)	(2,621,390)	(2,621,390)	-	-	-
-	-				-	-
-	-	(14,376)	(14,376)	-	-	-
1,657,180	1,657,180	(1,812,363)	(1,812,363)	(26,288)	(26,288)	(96,017)
(15,900)	(15,900)	-	-	-	-	-
1,641,280	1,641,280	(1,812,363)	(1,812,363)	(26,288)	(26,288)	(96,017)
-	-	-	-	-	-	-
-	-			-	-	-
-	-			-	-	-
-	-	-	-	-		-
1,641,280	1,641,280	(1,812,363)	(1,812,363)	(26,288)	(26,288)	(96,017)
-
1,624,867	1,624,867	(1,795,621)	(1,795,621)	-	-	-
16,413	16,413	(16,742)	(16,742)	-	-	-
1,641,280	1,641,280	(1,812,363)	(1,812,363)	-	-	-
0
1,624,867	1,624,867	(1,795,621)	(1,795,621)	-	-	-
16,413	16,413	(16,742)	(16,742)	-	-	-
1,641,280	1,641,280	(1,812,363)	(1,812,363)		-	-
	-			-	-	-
0.49	0.49	(0.54)	(0.54)	0.01	0.01	0.01

Revenue	1
Operating expenses	2
Operating Profit
Administrative expenses	3
Net Exchange Difference	5
Other operating income	4
Total Operating Profit/(Loss)
Net Finance cost	6
Finance Income
Share of (loss)/profit of an associate	24
Profit/(loss) before income tax expense
Income tax expense	7
Profit/(loss) for the year
Other comprehensive income/(loss) that may be reclassified to profit or loss in subsequent periods (net of
Share of other comprehensive loss of an associate	24
Exchange differences on translation of foreign operations
Other comprehensive income/(loss) for the year, net of tax
Total comprehensive loss for the oeriod, net of tax
Loss attributable to:
Owners of the Company
Non-controlling interests
Total comprehensive loss attributable to:
Owners of the Company
Non-controlling interests

Basic Earnings per share (N)

9

Olabode Makanjuola - Chief Executive Officer

FRC/2013/IODN/00000002456

Adedeji Adeola - Chief Finance Officer

FRC/2019/PRO/00000019090

Caverton Offshore Support Group
Unaudited Consolidated and Separate Financial Statements
Statement of Financial Position As At 31 March 2025
	Notes		Group
Statement of Financial Position As At 31 March 2025		January To March 2025	January To December 2024	Movement	%
		N'000	N'000	N'000	Change
Assets
Non current assets
Property, plant and equipment	11	18,608,142	19,016,753	(408,611)	-2.15%
Intangible Assets	11.1	- 0	17,741	(17,741)	-100.00%
Right of Use Assets	22	2,091,925	3,297,125	(1,205,200)	0.00%
Goodwill		6,026,909	6,026,909	-	82.79%
Investment in Associate	24	177,390	181,065	(3,675)	-2.03%
Total Non-Current Assets		26,904,366	28,539,593	(1,635,227)	-5.73%
Current assets					-
Inventories	12	9,387,955	9,387,955	(0)	0.00%
Trade and other receivables	13	40,148,039	37,168,069	2,979,970	8.02%
Prepayments	16	675,254	21,065	654,189	3105.57%
Cash and bank	14	585,141	447,864	137,277	30.65%
		50,781,529	47,024,953	3,756,576	7.99%
Asset classified as held for sale	13.0	599,142	599,142	(0)	0.00%
Total Current Assets		51,380,671	47,624,095	3,756,576	7.89%
Total assets		78,285,037	76,163,688	2,121,349	2.79%
Equity and liabilities
Equity
Ordinary share capital	17	1,675,255	1,675,255	-	0.00%
Share premium	17	6,616,991	6,616,991	-	0.00%
Retained earnings		(60,851,775)	(62,493,055)	1,641,280	-2.63%
Foreign Currency Translation Reserve		2,303	2,303	-	0.00%
Equity attributable to equity holders of the parent		(52,557,226)	(54,198,506)	1,641,280	-3.03%
Non-Controlling Interest		(392,532)	(408,945)	16,413	-4.01%
Total Equity		(52,949,758)	(54,607,451)	1,657,693	-7.04%
Non-current liabilities
Interest-bearing loans and borrowings	19	26,892,916	27,031,849	(138,933)	-0.51%
Deferred Income			371,323	(371,323)	-100.00%
Lease Liabilities	23	8,118,511	8,378,715	(260,204)	-3.11%
Total Non-Current Liabilities		35,011,427	35,781,887	- 770,460	-3.11%
Current liabilities
Trade and other payables	20	55,441,867	58,888,060	(3,446,193)	-5.85%
Interest-bearing loans and borrowings	19	34,657,012	27,643,149	7,013,863	25.37%
Deferred Income			51,961	(51,961)	-100.00%
Income tax payable	8	-	1,334,637	(1,334,637)	-100.00%
Lease Liabilities	23	6,124,491	7,071,445	(946,954)	-13.39%
Total Current Liabilities		96,223,370	94,989,252	1,234,118	-193.87%
		-
Total liabilities		131,234,796	130,771,139	463,657	-196.98%
		-	-		-
Total equity and liabilities		78,285,038	76,163,688	2,121,350	-204.02%
		0	-
Approved by the Board of Directors on the 30th of April, 2025 and signed on its behalf by:

Olabode Makanjuola - Chief Executive Officer

FRC/2013/IODN/00000002456

2

Adedeji Adeola - Chief Finance Officer

FRC/2019/PRO/00000019090

CAVERTON OFFSHORE SUPPORT GROUP

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

STATEMENT OF CHANGES IN EQUITY AS AT 31 MARCH 2025

As at 1 January 2025

Profit/(Loss) for the period

Other comprehensive Income

Total Comprehensive Income/(Loss)

Dividend Paid

At 31 March 2025

Issued Share Capital	Share premium	Retained Earnings	Foreign currency translation Reserve	Total	Non controlling interest	Issued Share Retained Total Equity Capital Share premium Earnings Total
N 000	N 000	N 000	N 000	N 000	N 000	N 000 N 000 N 000 N 000 N 000
1,675,255	6,616,991	(62,493,055)	2,303	(54,198,506)	(408,945)	(54,607,451) 1,675,255 6,616,991 473,472 8,765,718
-	-	1,641,280	-	1,641,280	16,413	1,657,693 - - (96,017) (96,017)
-	-	-	-	-	-	- - - - -
-	-	1,641,280	-	1,641,280	16,413	1,657,693 - - (96,017) (96,017)
-	-	-		-	-	- - - - -
1,675,255	6,616,991	(60,851,775)	2,303	(52,557,226)	(392,532)	(52,949,758) 1,675,255 6,616,991 377,455 8,669,701

As at 1 January 2024	1,675,255	6,616,991	(8,927,415)	(93,322)	(728,491)	(19,143)	(747,634)	1,675,255	6,616,991	546,360	8,838,606
Profit/(Loss) for the period	-	-	(53,565,640)	93,322	(53,472,318)	(389,802)	(53,862,120)	-	-	(72,888)	(72,888)
Other comprehensive Income	-	-	-	2,303	2,303	-	2,303	-	-	-	-
Total Comprehensive Income/(Loss)	-	-	(53,565,640)	95,625	(53,470,015)	(389,802)	(53,859,817)	-	-	(72,888)	(72,888)
Dividend	-	-	-		-	-	-	-	-	-	-
At 31 December 2024	1,675,255	6,616,991	(62,493,055)	2,303	(54,198,506)	(408,945)	(54,607,451)	1,675,255	6,616,991	473,472	8,765,718
					3

CAVERTON OFFSHORE SUPPORT GROUP
UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2025
		Group		Company
	January to March		January to December	January to March	January to December
	Notes	2025	2024	2025	2024
		N 000	N 000	N 000	N 000
Operating activities				-	-
Profit/(loss) before tax		1,641,280	258,637	-	-
Non-cash adjustment to reconcile profit before tax to net cash flows		-	-	-	-
Depreciation of property, plant and equipment	11	633,163	1,135,749	-	-
Depreciation of right of use assets	11	1,205,200	487,001	-	-
Other non-financial liabilities		-	-	-	-
Amortisation and impairment of intangible assets		53,223	70,965	-	-
Net foreign exchange difference		-	68,566	-	-
Amortisation of government grant		-	-	-	-
Finance costs - interest	6	4,705,972	230,465	-	-
Finance income	4	20,072	(8)	-	-
Working capital adjustments:				-	-
(Increase)/Decrease in trade and other receivables		(32,651,727)	4,294,011	-	-
(Increase)/Decrease in due from related parties		14,858	-	-	-
(Increase)/Decrease in prepayments		(634,111)	(1,713)	-	-
(Increase)/Decrease in inventories		-	(1,102,012)	-	-
Increase /(decrease) in trade and other payables		(30,530,559)	(6,920,471)	-	-
Increase/(Decrease) in contract liabilities		-	(1,231,945)	-	-
		(18,192,673)	(2,710,754)	-	-
Income tax paid		1,159,713	-	-	-
Net cash flows from operating activities		(17,032,960)	(2,710,754)		-
					-
Investing activities					-
Proceeds from sale of property, plant and equipment		-	(1)		-
Purchase of property, plant and equipment	11&22	5,349,444	552,903		-
Proceeds from scrapped sales		-	-		-
Purchase of intangible assets		-	-		-
Interest received		-	72		-
Government grant		-	-		-
		-	-		-
Net cash flows from/(used in) investing activities		5,349,444	552,974		-
		-	-		-
Financing activities		-	-		-
Proceeds from borrowings	19.1	2,832,980	1,902,508	-	-
Repayment of borrowings	19.1	-	(642,350)	-	-
Repayment of principal portion of lease liabilities	21	1,077,042	1,095,486	-	-
Interest paid	6	3,355,972	(763,011)	-	-
Dividend paid		-	-	-	-
		-	-	-	-
Net cash flows from/(used in) financing activities		7,265,994	1,592,633	-	-
		-	-		-
Net increase/(decrease) in cash and cash equivalents		(4,417,522)	(565,147)	-	-
Net foreign exchange difference		4,554,799	(384,329)	-	-
Cash and cash equivalents at 1 January		447,864	1,397,340	-	20,145
Cash and cash equivalents at 31st March December		585,141	447,864		20,145

CAVERTON OFFSHORE SUPPORT GROUP

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS

1	Revenue
	Helicopter Charter
	Helicopter maintenance
	Helicopter/ Airplane contract
	Vessel Agency Service
	Other Revenue (CATC)

Year to March 2025	Year to March 2024	Year to March 2025	Year to March 2024
N 000	N 000	N 000	N 000
1,596,706	2,268,479	-	-
1,894,065	-	-	-
4,667,176	6,982,855	-	-
33,663	53,411	-	-
783,691	2,764
8,975,300	9,307,509 - -

2	Operating expenses
	Aircraft insurance premium
	Right to use- Aircraft
	Right to use others
	Crew Salaries
	Consumables
	Aviation fuel, spare parts
	Landing and Navigational expenses
	Others
	Vessel Charter hire

803,159	-	-	-
1,205,200	-	-	-
-	1,578,112	-	-
1,811,839	3,644,621	-	-
1,385,135		-	-
-	3,539,030	-	-
134,485	16,780	-	-
12,307	-	-	-
-	- - -
5,352,124	8,778,543 - -

3	Administrative expenses
	Amortisation
	Audit fees
	Business development
	Commission
	Communication
	Depreciation
	Donations
	Electricity & Power
	Employee benefit expense
	Entertainment
	Fuel and diesel
	Freight and courier
	General Office Expenses
	Insurance
	IT/ Internet
	Intangible assets written off
	Land Use Charge

17,741	-	-	-
19,143	2,683	-	-
9,144	20,018	-	-
98,013	-	-	-
87	782	-	-
582,078	576,389	-	-
-	10,000	-	-
36,160	-	-	-
253,191	456,129	-	-
11,453	16,988	-	-
37,976	102,537	-	34,850
	410,935
7,767	-	-	-
2,269	-	-	-
16,390	-	-	-
	77,446
640	-	-	-
1,092,051	1,673,907 0 34,850

Caverton Offshore Support Group

Unaudited Consolidated and separate financial statements

Notes to the Financial Statements -Continued

Legal and professional fees

Licences & Permits - Motor Vehicle

Licences & Permits - Operations

Management expenses

Medical

NAF BASE Maintenance Charges

Other Taxes

Printing & Stationery

Regulatory

Rent

Repairs & Maintenance- Aircraft

Repairs and maintenance

Safety

Sanitation

Security

Subscriptions

Training

Transport and travels

Water & Gas

MRO Operational Expenses

CATC Operational Expenses

Other Consultancy

Other expenses

Year to March 2025	Year to March 2024	Year to March Year to 2025 March 2024
N 000	N 000	N 000	N 000
9,501	140,507	-	-
504	-	-	-
19,090	29,697	-	-
138,385	14,498
6,282	-
419	-
-	-
2,288	40,371
3,545	-
172,956	97,920
-	-
17,339	41,166
4,977	-
4,702	-
16,218	54,564
48,057	-	-	-
5,982	191	-	-
199,307	261,747
1,197	-	-	-
-28,744	-	-	-
12,755	-	-	3,019
134,369	-
-	707,499
769,132	1,388,160 0 3,019

1,861,183

3,062,067

0

37,869

4	Other operating income
	Interest Income	-	24,775	-	-
	Profit on disposal of property plant and equipment	-	-	-	-
	Investment profit	-
	Exchange gain/(loss)	-
	Sundry	-
	Grant income	-	-	-	-
	Other Interest Income	20,072	-	-	-
		20,072	24,775 - -
5	Net foreign exchange difference
	Realized Exchange gain/(loss)	(265,705)	3,331,729	-	-
	Unrealized Exchange gain/(loss)	4,820,505	- - -
		4,554,799	3,331,729 - -

6	Finance cost
	Interest on debts and borrowings
	Other bank charges
	Net Finance cost
	Finance Income

3,203,311	2,621,190 - -
1,502,661	200
4,705,972	2,621,390 - -

7	Income tax
	Current income tax:	-		-		-
	Current income tax charge	15,900			-	-
	Education tax	-	-	-		-
	Under provision of previous year	-		-		-
	Deferred tax charge	-	-	-		-
	Payment during the year	-
	Income tax expense reported in the income statement	15,900	18,072	-		0.00

Caverton Offshore Support Group

Unaudited Consolidated and separate Financial Statements

Notes to the Financial Statements -Continued

8	Reconciliation of current tax liabilities
	Opening balance at 1 January 2023
	Tax charge in the statement of profit or loss
	Under/(Over) provision in prior year
	Payment during the year
	Witholding tax credit utilized
	Closing balance at 30th June 2023

Year to March 2025	Year to March 2024	Year to March Year to 2025 March 2024
N 000	N 000	N 000 N 000
-	-	- -
-	9,590	- -
-	17,790	- -
-	6,524	- -
-	-15,832	- -
-	- -
-	18,072 - 0

9	Reconciliation of deferred tax liabilities net
	Deferred tax (asset) and liabilities
	Balance at the beginning of the year
	Charged for the year
	Balance at the end of period

-	-273,400	-	-
-	-	-	-
-	(273,400)	-	-

9.1	Net deferred tax assets/(liabilities)
	Reflected in the statement of financial position as follows
	Deferred tax assets
	Deferred tax liabilities
	Net deferred tax assets /(liabilities)

-	-	-		0
-	-	-	-
-	- - -

10	Earnings per Share

Average number of shares outstanding

Net Income attributable to equity holders

Basic earnings per share in Naira

3,350,510	3,350,510	3,350,510	3,350,510
1,624,867	1,624,867	0	0
0.48	0.48 - 0.00

CAVERTON OFFSHORE SUPPORT GROUP

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS - Continued

11	Property,Plant and Equipment
		Land	Building structures	Aircraft	Computer Equipment	Plant and Machinery	Aircraft Equipments	Motor Vehicles	Furniture fittings and office equipments	Construction WIP	SIMULATOR
		N 000	N 000	N 000	N 000	N 000	N 000	N 000	N 000	N 000	N 000
	Cost
	At 1 January 2025	6,005,965	7,115,520	3,003	42,517	5,762,555	1,926,824	361,798	1,551,364	5,067,615	951,154
	Additions	-	2,117,575	-	-	2,884,774	-	3,010	46,612	297,472	-
	Disposals	-	(44,797)	-	-	(2,525,986)	-	(1,505)	(23,528)	(2,605,974)	-
	Reclassification	-	-	-	-	-	-	-	-	-	-
	At 31st March 2025	6,005,965	9,188,298	3,003	42,517	6,121,343	1,926,824	363,303	1,574,448	2,759,113	951,154
	Depreciation
	At 1 January 2025	350,066	3,682,350	0	23,888	2,938,756	943,914	333,089	1,257,720	-	190,231
	Charge for the year	26,749	100,667	-	278	348,382	80,731	4,664	71,692	-	-
	Depreciation on disposals	-	-	-	-	-	-	-	-	-	-
	Reclassification	-	(25,350)	-	-	-	-	-	-	-	-
	At 31st March 2025	376,815	3,757,667	0	24,166	3,287,138	1,024,644	337,753	1,329,412	0	190,231

At 31st March 2025	5,629,150	5,430,631	3,003	18,350	2,834,205	902,179	25,550	245,036	2,759,113	760,923
At 31st December 2024	5,300,517	3,738,078	3,003	0	2,823,252	982,910	28,710	311,745	5,067,616	760,923

11.1	Intangible assets

As at Current

Period

As at March

2024

Cost

At 1 January 2025

Additions

Disposals

At 31st March 2025

N'000	N'000
337,589	333,436
	4,153
	-
337,589	337,589

Amortisation

At 1 January 2025

Charge for the year

Exchange Difference

At 31st March 2025

319,848	171,959
17,741	35,483
	-
337,589	207,442

Net book value

At 31st March 2025

0

130,147

13	Trade receivables and Other receivables

CAVERTON OFFSHORE SUPPORT GROUP

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS -Continued

12	Inventories
	Consumable spares
	Inventory spares
	Shell Project AW 139
	Jet A1 Aviation fuel Lagos

Group		Company
Year to March 2025	Deceember 2024	Year to March 2025	Deceember 2024
N 000	N 000	N 000	N 000
	-	-	-
9,319,762	9,319,762	-	-
-	-	-	-
68,193	68,193	-	-
9,387,955	9,387,955	-	-

Trade receivables	35,540,849	15,989,007	332,086	-
Withholding Tax Receivable	8,388,869	8,072,122	-	-
Staff advances	(9,217)	9,247	-	-
Due from related parties	932,517	-	323,976	332,086
VAT Output	310,480	42,826	-	-
Dividend receivable	-	-	-	-
Other receivables	-	13,054,867	-	-
	45,163,498	37,168,069	656,062	332,086
Less: Due from related parties	(14,858)	-
Less: Allowance for expected credit loss	-	-	-	0
	45,178,356	37,168,069	656,062	332,086
	-	-	-	-
Asset classified as held for sale	599,142	599,142	-	-
Cash and bank balance	-	-	-	-

Cash and bank balance	585,141	447,864	-	-
		-	-	-
Cash and cash equivalent	-	-	-	-
For purposes of cashflows, cash and cash equivlents consist of cash and bank balances as defined bove net of outstanding bank overdraft as at the end of the period.	-	-	-	-
	-	-	-	-
Cash and bank balance	585,141	447,864	246	245
Overdraft	-	-	-	-
Cash and Cash equivalent ( per cashflow statement)	585,141	447,864	246	245

Rent prepayments Internet prepayments	397,227 -	11,968 -	- -	- -
Medical prepayments	9,221	-
Other Prepayment	10,591	-
Insurance prepayments	258,214	9,107
	675,254	21,075	-	-
16 Contract assets	-	-	-	-
Advance payments	-	-	-	-
			-	-
			-	-
			-	-

As at 1 January

Payment received

Additional advance payments

-5,030,317	1,470,459
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-5,030,317	1,470,459	-	-

16	Financial Assets
	Deposits for rents and other advance
	OTHER PROVISION /RISK AND CHARGE
	Gaurantees For Other Operations
	CAUTIONS FOR CUSTOM DUTIES
	STANDARD CHARTERED DEPOSIT
	PROVISION FOR DEPOSIT & CAUTIONS

-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
0	-	-	-
-	-	-	-
-	-	-	-

18	Contract Assets

At 1 January

Payment received

Additional advance payments

At 31st December

-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-

Caverton Offshore Support Group

Unaudited Consolidated and Separate Financial statements

Notes to the Financial Statements -Continued

Group		Company
Year to March 2025	Deceember 2024	Year to March 2025	Deceember 2024
N 000	N 000	N 000	N 000
-	-	-	-
-	-	-	-
3,250,000	3,250,750	2,500,000	2,500,000
-	-	-	-
1,675,255	1,675,255	1,675,255	1,675,255
-	-	-	-
6,616,991	6,616,991	6,616,991	6,616,991

17	Ordinary share capital
	Authorised shares
	5,000,000,000 ordinary shares of 50k each
	Issued and fully paid
	3,350,509,759 ordinary shares of 50k each
	Share premium

CAVERTON OFFSHORE SUPPORT GROUP

UNAUDITED CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS - continued

19	Interest bearing loans & Borrowings
	Bank Overdraft Wema Bank- N850m
	White Rock Global
	INTEREST PAYABLE - NEXIM
	Wema Bank Plc Naira Account - 0124181177
	Accrued Interest On Loans
	Interest Free Short Term Loan (68,288,568.73)
	Interest Free Short Term Loan ($297,565.76)
	Interest Free Short Term Loan (N154,718,378.25)
	Tasmania Investment Ltd - Others
	Capt. Josiah Choms Loan
	Bode Makanjuola
	Capt. Bello Ibrahim Loan Account
	Tolu Osunsanya Loan Acct
	Term Loan Access Bank - Viking Air Ltd
	Access Bank Plc (Heliport) NGN 005 9302 348
	Wema Bank (BOI) Loan - $3.1million
	Bank of Industry Loan Current Account - $17.39m
	Adur Investment Ltd
	Saleh Bala
	Hassan Modibo
	Term Loan Access Bank UK-$1.08M Facility
	Shearwater Aero Capital
	Dividend Payable - COSG (99%)
	Access Bank Invoice Discounting - USD
	Access Bank Invoice Discounting - NGN
	Access Bank Plc - NGN -0003382684
	Term loan -CDL
	Current Account -CDL
	N50m Afribank Term Loan BOI
	N776m Afribank Term Loan BOI
	Term Loan Zenith / BOI - N825m
	Access Bank N373m Loan -(N2.173b BOI Accrued Interest)
	$12m Access Bank Loan
	Zenith Bank A/C (PHCT) 1010963929
	Zenith USD A/C 5000016163
	Term Loan USD Converted 9.9B
	INTEREST PAYABLE - Heritage Bank USD
	Access Bank UK $1.2m ($5.3m Term Loan)
	Access Bank UK $6.5m ($5.4m WC)
	Term loan Access Bank UK- $3m Facility
	BPI Loan for Thales
	Term Loan Access Bank UK -$2.4m Facility
	Term Loan Access Bank UK-$459,431.38 Facility
	Term Loan Access Bank UK - $15m Facility
	Term Loan Access Bank -$4.28m Facility
	Term Loan Access Bank- N8.45b
	Wema Bank Caverton Helicopters Limited A/C 0122612516
	Wema Bank CHL DSRA A/C- 0621543296
	Standard Chartered Bank 000 2027 939 Training
	Access Bank Security Deposit
	Standard Chartered Bank (N)- 0000203513
	Access Bank USD Salary Acct - 068 9433 984
	Access Bank USD(Twin Otter Ops)-0058450383
	Caverton Helicopters Proj-Acct GTB (USD) A/C:0008690242
	Access Bank USD Account -0727064310
	Access Bank Plc - NGN -0003382684
	Access Bank UK Account 2 USD 00868201
	Access Bank UK(USD)
	Access Bank 1473797253 Agip Project Naira
	Wema Bank Caverton Helicopters USD 0620145569
	Term Loan -Bank of Industry $10m
	Term loan Access Bank - $2.5m
	Term loan Access Bank - $1.212m
	Term loan Access Bank - $1m

Group		Company
Mar-25	Mar-24	Mar-25	Mar-24
N 000	N 000	N 000	N 000
-	-	-	-
(0)	-	-	-
-	-	-	-
-	-	-	-
1,573,320	-	-	-
68,289	-	-	-
471,415	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-
5,696,867	1,410,686
-	21,157
61,935	8,038
-	231,340
-	9,433
-	-
-	-
-	-
-	-
-	-
495	-
285,805	-
-	-
-	-
-	-
-	-
-	-
-	-
(0)	-
0	-
(2,740)	-
27,608,216	27,608,216
10,441,987	-
4,900,514	-
(0)	-
-	-
-	-
-	-
(0)	(0)
3,673,123	1,931,837
(0)	(100,685)
(0)	(0)
(0)	(69,668)
-	1,537,574
(0)	-
1,883,889	1,883,889	-	-
893	-	-	-
23,433	-	-	-
-	-	-	-
96	-	-	-
(245)
(88)	-	-	-
(5)	-	-	-
-	-	-	-
(1)	-	-	-
61	-	-	-
(1,400,775)	-	-	-
-	-	-	-
-	4,553,001	-	-

	Term Loan - Access Bank Land Cruiser	-	959,430	-	-
	Term Loan Access Bank-Acct 0727064310	-	438,497	-	-
	Term Loan Wema Bank- N2.17b	-	332,453	-	-
	Term Loan Wema Bank- $295k	-	15,000	-	-
	Term Loan Wema Bank - $2.183m	-	8,322,352	-	-
	Term Loan Lecon (Loan) Wema Bank - N2.171b	2,265,375	2,265,375	-	-
	Wema Bank Temporary Short term Loan $910000	0	183,159	-	-
	Access Bank UK $6.5 Million Loan	(0)	1,168,925	-	-
	Access Bank UK $1.289 Million Loan	909,363	1,964,989	-	-
		58,462,861	54,674,998	-	-
	Total interest-bearing loans and borrowings:
	(a) Current interest-bearing loans and borrowings	-	27,643,149	-	-
	(b) Non-current interest-bearing loans and borrowings	58,462,861	27,031,849	-	-
		58,462,861	54,674,998	-	-
20	Trade and other payables
	Trade payables	35,128,937	37,735,915	-	646,005
	Other payables	21,629,116	20,380,007	646,005	-
	Withholding Tax Payable	503,569	501,739	4,985	4,983
	Dividend payable	-	-	-	-
	VAT Output	-	270,399	-	-
		57,261,622	58,888,060	650,990	650,988
	Due to related parties
	Chairman's Current A/C	0	-	-	-
	Intercompany Caverton Aviation Cameroon	(6,210)	-	-	-
	Intercoy - Caverton Helicopters Cameroon	-	-	-	-
	Intercoy- Caverton Marine Limited	(1,461,583)	-	-	-
	Chairman's Current Account	-	-	-	-
	Intercompany - Caverton Helicopters	-	-	-	-
	Intercoy- C Cylinders	-	-	-	-
	Remi Makanjuola - NGN Loan	6,369	-	-	-
	Intercompany CATC	-	-	-	-
	Intercompany FTZ	-	-	-	-
	Intercompay- COSG Dividend - USD	(250)	-
	Intercompany Caverton Offshores Supprot Group	- 1,803,869	- -	-	-
	Rotimi Makanjuola	341,184	-	-	-
	Total Due to related parties	683,378	-
	11

Caverton Offshore Support Group

Unaudited Consolidated and separate financial statements

Notes to the Financial Statements -Continued

21	Contract Liabilities
	At 1 January
	Deferred during the period
	Movement during the period
	At 30th June

Mar-25	Mar-24		Mar-25		Mar-24
N 000	N 000		N 000		N 000
-		-		-		-
-		-		-		-
-		-		-		-
-		-		-		-

Right of use Assets
	Sep-24		Sep-23	Sep-24		Sep-23
	N 000		N 000	N 000		N 000
As at 1 January	15,879,285		15,879,285		-		-
Impact of IFRS 16	-		-		-		-
Additions	-		-		-		-
Depreciation expense	(13,787,360)		(12,220,260)		-		-
Exchange Difference	-	-	361,900		-
	2,091,925		3,297,125		-		-

23	Lease Liabilities
		Mar-25	Mar-24	Mar-25		Mar-24
		N 000	N 000	N 000		N 000
	As at 1 January	15,449,534	15,450,160		-		-
	Impact of IFRS 16 Reclassification	-	-		-		-
	Additions	(2,216,977)	-		-		-
	Accretion of interest	1,010,444			-		-
	Payments	-	-		-		-
	Exchange Difference	-	-		-		-
	As at 30 June	14,243,001	15,450,160		-		-

Current	6,124,491	1,651,395	-	-
Non-current	8,118,511	5,259,804	-	-
	14,243,001	6,911,199	-	-

24	Investment in Associates

177,390	181,065	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-
-	3,673	3,673	3,673
177,390	184,738	3,673	3,673

Non-current assets

Current assets

Non-current liabilities

Current liabilities

Equity/net asset

Share in equity - 49%

Company Name:	Caverton Offshore Support Group
Board Listed:	Main Board
Year End:	December
Reporting Period:	Period Ended March 2025
Share Price:	N2.30 (2024: N1.30)

Shareholding Structure/Free Float


	Current Year		Previous Year
Description	Unit	Percentage	Unit	Percentage

Issued Share Capital	3,350,509,750.00	100%	3,350,509,750.00	100%

Substantial Shareholdings (5% and above)
Tasmania Investments Limited	1,810,199,025.00	54.03%	1,810,199,025.00	54.03%
Mola Vessels Limited	251,050,000.00	7.49%	251,050,000.00	7.49%
Aderemi Makanjuola	410,022,219.00	12.24%	410,022,219.00	12.24%
Total Substantial Shareholding	2,471,271,244.00	73.76%	2,471,271,244.00	73.76%

Directors' Shareholdings (direct and Indirect), excluding directors with substantial interests
Mallam Bello Gwandu (Direct)	10,000,000.00	0.30%	10,000,000.00	0.30%
Mr. Sola Falola (Direct)	20,000,000.00	0.60%	20,000,000.00	0.60%
Mr Akin Kerere-Ekun (Direct and Indirect)	20,100,000.00	0.60%	20,000,000.00	0.60%
Mr Bashiru Bakare (Direct)	20,000,000.00	0.60%	20,000,000.00	0.60%
HRM Edmund Daukoru (Direct)	15,000,000.00	0.45%	15,000,000.00	0.45%
Mr Olabode Makanjuola (Direct and Indirect	64,805,000.00	1.93%	64,805,000.00	1.93%
Total Directors' Shareholding	149,905,000.00	4.47%	149,805,000.00	4.47%

Other influential Shareholdings
N/A	-	-	-	-
N/A	-	-	-	-
N/A	-	-	-	-
Total Other Influential Shareholdings	-	-	-	-


Free Float in Units and Percentage	729,333,506.00	21.77%	729,433,506.00	21.77%

Free Float in Value	NGN 1,677,467,063.80		NGN 765,905,181.30

Share price at Reporting period	2.30		1.05


Declaration:
(A) Caverton Offshore Support Group PLC with a free float percentage of 21.77% as at 30 September 2024, is compliant with The Exchange's free float requirements for companies listed on the Main Board.
(B) Caverton Offshore Support Group PLC with a free float value of N948,133,557.80 as at 30th June 2024, is compliant with The Exchange's free float requirements for companies listed on the Main Board.




Trading Policy
The company has complied with the provisions of the Section 14 of the Amended Listing Rules of the Nigerian Stock Exchange by adopting a code of conduct regarding securities transactions by its Directors and all staff. All Directors and all staff have complied with the Listing rules and the Issuers' code of conduct regarding securities transactions.





	13

Quarter 1 - financial statement for 2025

Earlier from Caverton Offshore Support