According to reports in 'This day' newspaper, Caverton Helicopters is to acquire 5 Bell 412 helicopters in the first quarter of 2009 and is also opening a base in Malabo:
Caverton Acquires 5 Helicopters, Expands Operations
By Chinyere Okoye, 08.06.2008
Thisday Special Release
Caverton Helicopters, a member of the Caverton Offshore Support Group, is poised to extend its foray into offshore oil and gas logistics services with the signing of purchase agreements for five offshore equipped helicopters to be delivered in the first quarter of 2009.
The company has placed firm orders with Bell Helicopter Textron, Canada, for the helicopters in a deal worth over N6 billion (about $50 million).
The oil and gas sector is central to the Nigerian economy, providing about 90 per cent of total revenue as well as the foreign exchange earnings for the country.
But despite the huge investments made by the Federal Government in the sector, totalling an average of $10 billion per annum, its contribution to the Gross Domestic Product (GDP) has been very minimal and this has been attributed to the low local content participation in the industry.
As a result of this, there has been a persistent focus on Federal Government’s Local Content initiative which was instituted to help develop the local capacity building and to enable Nigerian companies participate actively in this sector.
The attainment of this goal continues to pose significant obstacles owing to limited technical know-how and the high capital cost of investing in oil and gas related assets.
But the Caverton Offshore Support Group is taking a giant stride in this direction with its latest acquisition.
Experts project that opportunities abound for the company and more Nigerian companies as they garner the requisite certification and raise their operating standards in line with the demands of the oil companies.
In addition to the acquisition of more helicopters, the company has acquired a second fixed wing aircraft, a 19-seater turbo prop developed specifically for operations with limited runway access.
The aircraft is said to be on a long-term contract supporting the gas development projects in Bonny Island.
In a related move, the company is also set to open its third operational base at the Nigerian Air Force Base, Port Harcourt, Rivers State, and a fourth one in Malabo, Equatorial Guinea, early next year.
These developments are in line with the company's goal of positioning itself to be the sole indigenous offshore logistics operator in the region operating in accordance with global standards.
"This is a strategic milestone for the Caverton Offshore Support Group. Our current successes will be buttressed by the reliability and proven performance of the Bell product in this part of the world. As the demand for Caverton's offerings continues to increase, we are confident that our relationship with our technical partners and equipment manufacturers will continue to produce exceptional results for our business,” said Mr Adeniyi Makanjuola, Caverton's Executive Vice Chairman.
The Caverton Offshore Support Group provides comprehensive suite of offshore support services including crew transportation, platform supply, offshore accommodation, standby safety services and anchor handling capabilities in both shallow and deepwater environments of the oil and gas industry.
The company hopes the local content development would ensure that the quantum or percentage of the locally produced materials, personnel, food and services rendered to the oil and gas industry, without comprising standards, is increased thereby generating more employment and economic empowerment for Nigerians.