What's New In W. Africa (Nigeria)
Not a good day for Caverton on the fixed-wing side either.
Crash: Caverton DHC6 near Nsem on May 11th 2022, missing aircraft found crashed
Crash: Caverton DHC6 near Nsem on May 11th 2022, missing aircraft found crashed
Announcing the possibility of an industrial action, the labour leader said: “I use this opportunity to charge aviation workers to prepare for a mother of all strikes against Caverton Helicopters at a date to be shortly announced.”
I don't see many objections to the negative comments....so there must be something to them or there would be some argument going on.
Caverton loses Chevron contract to Bristow amid financial struggles, poor maintenance
https://thestreetjournal.org/caverton-loses-chevron-contract-to-bristow-amid-financial-struggles-poor-maintenance/ByJenny Ese Obukohwo
May 25, 2022
In Case You Missed It
May 25, 2022Caverton Helicopter, a subsidiary of Caverton Offshore Support Group, an oil and gas logistics firm, has lost its lucrative contract with Chevron, an oil major to Bristow Helicopter.The development comes amid the firm’s continuing financial struggles triggered by dwindling revenue as shown in its 2021 financial results, in which it recorded a N5.9bn loss.
Sources say Caverton Helicopter lost the contract due to its poor maintenance culture for its helicopters, amongst others.
There have been reports of how poor management, and non-payment of pilots’ salaries, among others, triggered an exodus in the firm.
Recently, on May 11, one of its helicopters crashed in Cameroon, killing eleven people on board, including two pilots and nine passengers.
Chevron, it was learnt, had at some point opted to take over the responsibility for the maintenance of the helicopters which Caverton uses to fly its personnel to oilfields and onshore, not trusting the firm’s capacity to do so.
The poor maintenance issue and bad helicopter made it impossible for Caverton to meet up with demands, such as conveying Chevron personnel to requested locations, resulting in the latter contracting Bristow.
Aside from its Helicopter issue, it was gathered that Caverton has been struggling with wage payment, according to a report by Ripples Nigeria, and with the contract loss expected to make the workers in charge of the Chevron logistics redundant, the oil & gas company mandated Bristow to absorb them.
The contract lost to Bristow is a blow to Caverton’s financial capability, having secured about $17 million to finance the Chevron contract, according to documents filed with the Nigerian Exchange Limited (NGX).
The contract loss bodes ill for the firm’s hopes of turning the corner after a turbulent 2021.
Caverton investors have also been exiting their funds in the company, with the massive sell-off resulting to shareholders’ investment in the firm dwindling by -33.72 percent year-to-date.
The bearish run has wiped off N1.94 billion from Caverton’s market capitalisation, which now stands at N3.81 billion as of Tuesday, 24 May, below the N5.76 billion it started the week with, as the sell-off among investors weakened its share to N1.14kobo, down from N1.72kobo.
Nigerian In Law
Word on the street is that if you go for a BHNL pilot/engineer job in Nigeria you're assigned to a specific aircraft on a contract. Once the aircraft is off contract you're unemployed until it goes to another contract.
NEO
NEO
Any large brown envelopes changing hands?
Nigerian In Law
Evidently you have no understanding of how Louisiana operates.
Money changes hands but in a much more sophisticated way and done at a much higher level.
Not that is the case in the Contract being discussed.
I know my US Oil Shares are doing much better my purchase of Shell Shares have done.
Money changes hands but in a much more sophisticated way and done at a much higher level.
Not that is the case in the Contract being discussed.
I know my US Oil Shares are doing much better my purchase of Shell Shares have done.
I gather a Caverton Twin Otter off the runway in Forcados. No injuries