Caverton Offshore Support Group PlcNSENG: CAVERTON

Quarter 3 - financial statement for 2025

· Issued by Caverton Offshore Support Group Plc

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

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD END 30 SEPTEMBER 2025

Directors: Mr. Aderemi Makanjuola (Chairman), Olabode Makanjuola (CEO), Mr. Raymond Ihyembe (Independent director), Mr. Akin Kekere-Ekun (Non-executive director), Mallam Bello Gwandu (Non-executive director), Mr. Akinsola Falola (Non-executive director), HRM. Maduka Edmund Daukoru (Non-executive director),

Caverton Offshore Support Group Plc Registered in Nigeria No. 750603

Caverton Offshore Support Group

Unaudited Consolidated and Separate Financial Statements

Statement of Profit or Loss and Other Comprehensive Income

For the Period Ended 30 SEPTEMBER 2025

Group

Company

July to September

January to September

July to September

January to September

July to September

January to September

January to September

2025

2025

2024

2024

2025

2025

2024

N 000

N 000

N 000

N 000

N 000

N 000

N 000

4,307,303

20,454,880

14,756,979

34,233,351

-

-

-

(2,243,973)

(9,487,014)

(9,082,986)

(24,813,705)

-

-

-

2,063,330

10,967,866

5,673,993

9,419,645

-

-

-

(1,585,954)

(6,619,730)

(3,768,397)

(8,786,699)

(28,637)

(46,322)

(26,288)

(7,647,459)

(731,362)

(38,872,439)

(35,705,372)

-

-

-

5,556,105

6,169,764

102,868

128,021

(2,682)

592,036

-

(1,613,978)

9,786,539

(36,863,975)

(34,944,406)

(31,319)

545,714

(26,288)

(4,824,920)

(14,367,589)

(1,847,121)

(6,658,268)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(6,438,898)

(4,581,050)

(38,711,096)

(41,602,674)

(31,319)

545,714

(26,288)

(15,900)

(47,700)

-

-

-

-

-

(6,454,798)

(4,628,750)

(38,711,096)

(41,602,674)

(31,319)

545,714

(26,288)

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(6,454,798)

(4,628,750)

(38,711,096)

(41,602,674)

(31,319)

545,714

(26,288)

-

(6,390,250)

(4,582,462)

(38,323,985)

(41,186,647)

-

-

-

(64,548)

(46,287)

(387,111)

(416,027)

-

-

-

(6,454,798)

(4,628,750)

(38,711,096)

(41,602,674)

-

-

-

Notes

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 profit/(loss) for the oeriod, net of tax

Profit/(Loss) attributable to:

Owners of the Company

Non-controlling interests

Total comprehensive Profit/(loss) attributable to:

Owners of the Company

Non-controlling interests



Olabode Makanjuola - Chief Executive Officer

FRC/2013/IODN/00000002456

Adedeji Adeola - Chief Finance Officer

FRC/2019/PRO/00000019090

(6,390,250)

(4,582,462)

(38,323,985)

(41,186,647)

(64,548)

(46,287)

(387,111)

(416,027)

(6,454,798)

(4,628,750)

(38,711,096)

(41,602,674)

-

(1.93)

(1.38)

(11.55)

(12.42)

-

-

-

-

-

-

-

-

-

-

-

Basic Earnings per share (N)

9

1

Caverton Offshore Support Group

-

Unaudited Consolidated and Separate Financial Statements

Statement of Financial Position As At 30 September 2025

Notes

Group

Statement of Financial Position As At 30 September 2025

January To September 2025

Dec-24

Movement

%

N'000

N'000

N'000

Change

Assets

Non current assets

Property, plant and equipment

11

16,553,308

19,016,753

(2,463,445)

-12.95%

Intangible Assets

11.1

- 0

17,741

(17,741)

-100.00%

Right of Use Assets

22

148,070

3,297,125

(3,149,055)

0.00%

Goodwill

6,026,909

6,026,909

-

82.79%

Investment in Associate

24

177,390

181,065

(3,675)

-2.03%

Other Investment - Bonds

12

4,641,537

-

4,641,537

0.00%

Total Non-Current Assets

27,547,214

28,539,593

(992,379)

-3.48%

Current assets

-

Inventories

12

9,411,627

9,387,955

23,672

0.25%

Trade and other receivables

13

31,443,920

37,168,069

(5,724,149)

-15.40%

Prepayments

16

410,052

21,065

388,987

1846.60%

Cash and bank

14

621,826

447,864

173,962

38.84%

41,887,425

47,024,953

(5,137,528)

-10.93%

Asset classified as held for sale

13.0

-

599,142

(599,142)

-100.00%

Total Current Assets

41,887,425

47,624,095

(5,736,670)

-12.05%

Total assets

69,434,640

76,163,688

(6,729,048)

-8.83%

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

(67,121,805)

(62,493,055)

(4,628,750)

7.41%

Foreign Currency Translation Reserve

2,303

2,303

-

0.00%

Equity attributable to equity holders of the parent

(58,827,256)

(54,198,506)

(4,628,750)

8.54%

Non-Controlling Interest

(455,232)

(408,945)

(46,287)

11.32%

Total Equity

(59,282,488)

(54,607,451)

(4,675,037)

19.86%

Non-current liabilities

Interest-bearing loans and borrowings

19

31,063,987

27,031,849

4,032,138

14.92%

Deferred Income

-

371,323

(371,323)

-100.00%

Lease Liabilities

23

6,756,473

8,378,715

(1,622,242)

-19.36%

Total Non-Current Liabilities

37,820,461

35,781,887

2,038,574

-19.36%

Current liabilities

Trade and other payables

20

49,333,258

58,888,060

(9,554,802)

-16.23%

Interest-bearing loans and borrowings

19

36,466,420

27,643,149

8,823,271

31.92%

Deferred Income

-

51,961

(51,961)

-100.00%

Income tax payable

8

-

1,334,637

(1,334,637)

-100.00%

Lease Liabilities

23

5,096,989

7,071,445

(1,974,456)

-27.92%

Total Current Liabilities

90,896,667

94,989,252

- 4,092,585

-212.23%

-

Total liabilities

128,717,128

130,771,139

- 2,054,011

-231.59%

-

-

-

Total equity and liabilities

69,434,640

76,163,688

(6,729,048)

-211.73%

Check

-

-

0

Approved by the Board of Directors on the 30th of October, 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 30 SEPTEMBER 2025

COMPANY

As at 1 January 2025

Profit/(Loss) for the period

Other comprehensive Income

Total Comprehensive Income/(Loss)

Dividend Paid

At 30 September 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

-

-

(4,628,750)

-

(4,628,750)

(46,287)

(4,675,037) - - (26,288) (26,288)

-

-

-

-

-

-

- - - - -

-

-

(4,628,750)

-

(4,628,750)

(46,287)

(4,675,037) - - (26,288) (26,288)

-

-

-

-

-

- - - - -

1,675,255

6,616,991

(67,121,805)

2,303

(58,827,256)

(455,232)

(59,282,488) 1,675,255 6,616,991 447,184 8,739,430

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 30 SEPTEMBER 2025

Group

Company

Year to September 2025

January to December

Year to September 2025

January to December

Notes

2025

2024

2025

2024

N 000

N 000

N 000

N 000

Operating activities

-

-

Profit/(loss) before tax

(4,628,750)

(53,670,583)

-

-

Non-cash adjustment to reconcile profit before tax to net cash flows

-

-

-

-

Depreciation of property, plant and equipment

11

1,911,557

2,361,911

-

-

Depreciation of right of use assets

11

3,149,055

1,900,805

-

-

Other non-financial liabilities

-

-

-

-

Amortisation and impairment of intangible assets

-

70,964

-

-

Adjustment to PP&E and intangible assets

-

(30,661)

Minimum tax

-

164,866

Net foreign exchange difference

(731,362)

20,859,302

-

-

Share of profit or loss of an associate

-

(165,255)

Impairment loss on financial assets

-

2,991,353

Modification of right of use assets

-

385,806

Impact of lease termination

-

(1,885,525)

-

Amortisation of government grant

-

(159,889)

-

-

Finance costs - interest

6

8,665,182

12,577,951

-

-

Finance income

4

6,169,764

(51,996)

-

-

Working capital adjustments:

-

-

-

(Increase)/Decrease in trade and other receivables

5,724,149

(23,577,846)

-

-

(Increase)/Decrease in due from related parties

-

-

-

-

(Increase)/Decrease in prepayments

(388,987)

20,078

-

-

(Increase)/Decrease in inventories

-

(95,709)

-

-

Increase /(decrease) in trade and other payables

(9,554,802)

34,061,860

-

-

Increase/(Decrease) in contract assets

-

101,263

-

-

Increase/(Decrease) in contract liabilities

-

-

-

-

Total Operating activities after working capital adjustment

10,315,807

(4,141,305)

-

-

-

-

-

-

Cash received - deffered income

-

456,430

-

-

Income tax paid

1,382,337

(10,001)

-

-

Net cash flows from operating activities

11,698,144

(3,694,876)

-

-

Investing activities

-

Proceeds from sale of property, plant and equipment

-

-

-

Purchase of property, plant and equipment

11&22

(575,157)

(1,442,869)

-

Investment liquidated in the year

-

490,138

Proceeds from scrapped sales

5,503,082

-

-

Purchase of intangible assets

-

-

-

Interest received

-

51,996

-

Government grant

-

-

-

-

-

-

Net cash flows from/(used in) investing activities

4,927,925

(900,735)

-

Financing activities

Proceeds from borrowings

19.1

-

18,429,934

-

-

Repayment of borrowings

19.1

(12,855,410)

(18,942,763)

-

-

Repayment of principal portion of lease liabilities

21

(3,596,698)

(11,321,036)

-

-

Interest paid

6

-

(2,383,510)

-

-

Dividend paid

-

-

-

-

Dividend paid on NCI

-

-

-

-

Dividend paid

-

-

-

-

-

-

-

-

Net cash flows from/(used in) financing activities

(16,452,107)

(14,217,375)

-

-

Net increase/(decrease) in cash and cash equivalents

173,961

(18,812,986)

-

-

Cash and cash equivalents at 1 January

447,864

19,260,850

-

20,145

Cash and cash equivalents at 30th September 2025

621,825

447,864

20,145

Overdraft

Cash and cash equivalent less OD Check

4

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

September 2025

Year to September2024

N 000

N 000

6,075,079

7,906,946

2,277,120

3,546,697

9,207,071

14,504,111

74,004

155,648

2,821,607

6,686,404

20,454,880

34,233,351

Year to

September 2025

Year to

September 2024

N 000

N 000

-

-

-

-

-

-

-

-

-

-

Group Company

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

2,077,242

3,015,730

-

-

3,149,055

5,142,834

-

-

-

-

-

-

4,468,830

8,912,377

-

-

-617,916

7,126,422

-

-

-

-

-

-

355,495

578,645

-

-

54,309

37,697

-

-

-

- - -

9,487,014

24,813,705 - -

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

53,223

-

-

60,138

37,386

-

-

51,415

94,668

-

-

119,518

71,713

-

-

601

513

-

-

1,895,998

1,809,221

-

-

28,800

843,409

18,000

-

167,761

109,862

-

-

789,780

950,921

-

-

30,719

35,516

-

-

132,339

172,061

-

34,850

85,300

22,588

47,982

-

-

6,050

146,873

-

-

50,666

7,494

-

-

-

1,920

-

-

-

3,376,034

4,466,139 18,000 34,850

-

Caverton Offshore Support Group

Unaudited Consolidated and separate financial statements

Notes to the Financial Statements -Continued

6

Finance cost

Interest on debts and borrowings

Other bank charges

Net Finance cost

Finance Income

11,175,765

6,154,678 - -

3,191,823

503,591

14,367,589

6,658,268 - -

-

-

-

-

0 - -

47,700

0 - -

-

- - -

-

- -

-

- - -

-

47,700

- - 0.00

7

Income tax

Current income tax:

Current income tax charge

Education tax

Under provision of previous year

Deferred tax charge

Payment during the year

Income tax expense reported in the income statement

Group Company

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

September

2025

Year to September2024

Year to

September

2025

Year to

September

2024

N 000

N 000

N 000

N 000

45,309

57,940

-

-

2,517

3,296

-

-

17,601

67,481

-

-

402,182

368,566

22,606

10,363

871

2,290

-

20,429

12,324

36,355

5,345

614

477,002

341,472

-

-

50,080

98,228

6,451

15,079

17,440

18,233

46,814

62,277

58,888

147,551

-

-

11,982

191

-

-

581,896

694,995

3,190

6,713

-

-

19,442

70,436

-

-

361,987

974,904

-

3,019

423,476

1,313,219

676,294

36,214

3,243,696

4,346,848 0 3,019

6,619,730

8,812,987

18,000

37,869

4

Other operating income

Interest Income

687,899

41,855

-

-

Profit on disposal of property plant and equipment

5,435,695

-

-

-

Investment profit

-

-

Exchange gain/(loss)

-0

83,546

Sundry

-

-

Grant income

-

-

-

-

Other Interest Income

46,170

2,619

-

-

6,169,764

128,021 - -

5

Net foreign exchange difference

(8,000,000)

0

Realized Exchange gain/(loss)

(361,304)

1,160,594

-

-

Unrealized Exchange gain/(loss)

7,629,942

(36,865,966) - -

(731,362)

(35,705,372) - -

6

Caverton Offshore Support Group

Unaudited Consolidated and separate Financial Statements

Notes to the Financial Statements -Continued

Group Company

8

Reconciliation of current tax liabilities

Opening balance at 1 January

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 December 31st 2024

Year to

September

2025

Year to September2024

N 000

N 000

-

-

-

-

-

-

-

-

-

-

-

-

-

Year to

September

2025

Year to

September

2024

N 000

N 000

-

-

-

-

-

-

-

-

-

-

-

-

-

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

-

-138,752

-

-

-

-

-

-

-

(138,752)

-

-

-

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

-4,582,462

-38,323,985

0

0

- 1.37

-11.44 - 0.00

7

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

800

-

2,887,150

-

3,010

48,988

612,115

-

Disposals

-

(44,797)

-

-

(2,531,582)

-

(10,115)

(23,528)

(3,634,774)

-

Reclassification

-

-

-

-

-

-

-

-

-

-

At 30th September 2025

6,005,965

9,188,298

3,803

42,517

6,118,123

1,926,824

354,693

1,576,824

2,044,956

951,154

Depreciation

At 1 January 2025

388,721

3,696,770

0

24,059

2,939,303

943,914

333,089

1,257,556

-

190,231

Charge for the year

26,749

381,306

-

278

900,282

242,192

5,465

212,612

-

142,673

Depreciation on disposals

-

-

-

-

-

-

-

-

-

-

Reclassification

-

(25,350)

-

-

-

-

-

-

-

-

At 30th September 2025

415,470

4,052,726

0

24,337

3,839,585

1,186,106

338,554

1,470,167

0

332,904

At 30th September 2025

5,590,495

5,135,573

3,803

18,179

2,278,539

740,718

16,139

106,657

2,044,956

618,250

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

December

2024

Cost

At 1 January 2025

Additions

Disposals

At 30th September 2025

N'000

N'000

337,589

337,589

-

-

337,589

337,589

Amortisation

At 1 January 2025

Charge for the year

Exchange Difference

At 30th September 2025

319,848

247,126

17,741

70,964

1,758

337,589

319,848

Net book value

At 30th September 2025

0

17,741

8

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 September 2025

Year to

Dec-24 September 2025 Dec-24

N 000

N 000 N 000 N 000

- - -

9,343,434

9,319,762 - -

-

- - -

68,193

68,193 - -

9,411,627

9,387,955 - -

Trade receivables

27,432,632

15,989,007

312,316

-

Withholding Tax Receivable

8,766,121

8,072,122

-

-

Staff advances

(13,202)

9,247

-

-

Due from related parties

45,898

-

-

332,086

VAT Output

245,739

42,826

-

-

Dividend receivable

-

-

-

-

Other receivables

- 2,950

13,054,867

-

-

36,474,237

37,168,069

312,316

332,086

Less: Due from related parties

-

-

Less: Allowance for expected credit loss

-

-

-

0

36,474,237

37,168,069

312,316

332,086

-

-

-

-

Asset classified as held for sale

-

599,142

-

-

Cash and bank balance

-

-

-

-

13b

Cash and bank balance

621,826

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

621,826

447,864

(58,082)

245

Overdraft

-

-

-

-

Cash and Cash equivalent ( per cashflow statement)

621,826

447,864

-58,082

245

14

15

16 Prepayments

Rent prepayments

130,181

11,958

-

-

Internet prepayments

18,181

-

-

-

Medical prepayments

13,162

-

Other Prepayment

8,140

-

Insurance prepayments

240,387

9,107

410,052

21,065

-

-

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

-

-

As at 31 December

9

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 September 2025

Dec-24

Year to September 2025

Dec-24

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

10

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

Sep-25

Dec-24

Sep-25

Dec-24

N 000

N 000

N 000

N 000

-

-

-

-

(0)

-

-

-

-

-

-

-

-

-

-

-

7,578,784

-

-

-

68,289

-

-

-

471,415

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,140,535

1,410,686

-

21,157

41,935

8,038

-

231,340

-

9,433

-

-

-

-

-

-

-

-

-

-

-

-

296,823

-

-

-

-

-

-

-

-

-

-

-

-

-

(0)

-

(0)

-

(2,631)

-

(56,809)

(56,809)

10,441,987

-

4,900,514

-

(0)

-

-

-

-

-

-

-

(0)

(0)

3,824,683

1,931,837

(0)

(100,685)

(0)

(0)

(0)

(69,668)

-

1,537,574

(0)

-

2,695,006

2,695,006

-

-

893

-

-

-

23,433

-

-

-

-

-

-

-

96

-

-

-

(235)

(84)

-

-

-

(5)

-

-

-

-

-

-

-

(1)

-

-

-

61

-

-

-

(1,841)

-

-

-

-

-

-

-

-

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

540,547

1,964,989

-

-

38,230,408

27,821,090

-

-

Total interest-bearing loans and borrowings:

(a) Current interest-bearing loans and borrowings

-

27,643,149

-

-

(b) Non-current interest-bearing loans and borrowings

38,230,408

27,031,849

-

-

38,230,408

54,674,998

-

-

20

Trade and other payables

Trade payables

27,584,679

37,735,915

2,000,772

646,005

Other payables

22,404,809

20,380,007

-

-

Withholding Tax Payable

502,865

501,739

2

4,983

Dividend payable

-

-

-

-

VAT Output

-

270,399

-

-

50,492,354

58,888,060

2,000,774

650,988

Due to related parties

Chairman's Current A/C

0

-

-

-

Intercompany Caverton Aviation Cameroon

(348,569)

-

-

-

Intercoy - Caverton Helicopters Cameroon

-

-

-

-

Intercoy- Caverton Marine Limited

(1,505,394)

-

-

-

Chairman's Current Account

-

-

-

-

Intercompany - Caverton Helicopters

-

-

-

-

Intercoy- C Cylinders

-

-

-

-

Remi Makanjuola - NGN Loan

6,369

-

-

-

Intercompany CATC

-

-

-

-

Intercompany FTZ

-

-

-

-

Intercompay- COSG Dividend - USD

-

-

Intercompany Caverton Offshores Supprot Group

-

312,316

-

-

-

-

Rotimi Makanjuola

376,184

-

-

-

Total Due to related parties

(1,159,095)

-

11

Caverton Offshore Support Group

Unaudited Consolidated and separate financial statements

Notes to the Financial Statements -Continued

Group Company

21

Contract Liabilities

At 1 January

Deferred during the period

Movement during the period

At 30th June

Sep-25

Dec-24

Sep-25

Dec-24

N 000

N 000

N 000

N 000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Right of use Assets

Sep-25

Dec-24

Sep-25

Dec-24

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

(15,731,215)

(12,220,260)

-

-

Exchange Difference

-

-

361,900

-

148,070

3,297,125

-

-

22

23

Lease Liabilities

Sep-25

Dec-24

Sep-25

Dec-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

(6,718,433)

-

-

-

Accretion of interest

3,122,361

-

-

Payments

-

-

-

-

Exchange Difference

-

-

-

-

As at 30 June

11,853,462

15,450,160

-

-

Current

5,096,989

1,651,395

-

-

Non-current

6,756,473

5,259,804

-

-

11,853,462

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

Caverton Aviaiton Cameroon

Non-current assets

Current assets

Non-current liabilities

Current liabilities

Equity/net asset

Share in equity - 49%

Share in equity - 49%

Caverton Offshore Support Group-Ghana

Company Name:

Caverton Offshore Support Group

Board Listed:

Main Board

Year End:

December

Reporting Period:

Period Ended September 2025

Share Price:

N6.40 (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

Earlier from Caverton Offshore Support

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