Caverton wins drilling vessels contract

Caverton Offshore Support Group (COSG) Plc has been awarded a contract to supply two drilling vessels to Shebah Exploration and Production Company Limited (SEPCOL). The company is a provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria.
The contract, according to a statement, will run for an initial period of three months and provides for Caverton-RK to supply two vessels in support of Rig Trident VIII SEPCOL’s offshore drilling operations.
Caverton-RK is a joint venture between RK Offshore of Singapore and Caverton Marine Limited (one of the two subsidiaries of COSG). The joint venture was formed in 2012 to take advantage of growing opportunities in the offshore support vessel sector.
On its part, SEPCOL is an indigenous exploration and production company and operator of the Ukpokiti offshore field, which it acquired from ConocoPhillips in 2004.
Caverton’s Chief Executive Officer, Olabode Makanjuola, commenting on the development, said the group was delighted to be providing marine logistics services to a wholly indigenous exploration and production company in Nigeria.
“Today, we not only provide logistics services in support of oil and gas exploration and production activities by multinational companies, but also provide services for indigenous companies. This demonstrates our deep knowledge and experience in the Nigerian offshore support services industry,” he said.
Makanjuola further stated that whilst the aviation business accounts for a large portion of its revenue base presently, the company plans to increase marine business contribution over the next two years.
“We are aggressively pursuing opportunities in the marine industry and are well positioned as the leading logistics provider to take full advantage of the benefits of current local content laws and initiatives,” he said.
According to Makanjuola, Caverton’s strength lies in building local capacity and assets as attested by its aviation business.
He added that RK Offshore brings vast experience to the JV and recognises the company’s commitment to local capacity development. Some members of the crew onboard the vessels are local and plans are underway to further increase local participation.