CAVERTON OFFSHORE SUPPORT : PRESS RELEASE - CAVERTON OFFSHORE SUPPORT GROUP PLC - UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED 31ST DECEMBER 2021

RC:750603

Caverton Offshore Support Group Plc

1, Prince Kayode Akingbade Close

Victoria Island Annex, Lagos, Nigeria

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[phone]

[phone]

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mail: [e-mail]

www.caverton-offshore.com

CAVERTON OFFSHORE SUPPORT GROUP PLC

Unaudited Financial Results for the Period Ended 31 December 2021

CAVERTON REPORTS A LOSS OF N5.9BILLION

FOR THE PERIOD JANUARY TO DECEMBER 2021

LAGOS, NIGERIA - 31 JANUARY 2022 - Caverton Offshore Support Group Plc, (Bloomberg: Caverton NL), the leading provider of marine, aviation and logistics services to local and international oil and gas companies in Nigeria, today announces its unaudited results for the period ended 31st December 2021. The results show a loss of N5.9B. This result came due to the serious negative impact that the Covid-19 pandemic continues to have on business operations in Nigeria and the rest of the world, which has caused significant reduction in activities by International and Local Oil and Gas companies who are the major clients of Caverton, which, in turn, rubbed-off our Caverton operations and profitability.

Commenting on the results, Caverton's Chief Executive Officer, Mr. Bode Makanjuola, said that the loss was caused by the significant reduction in revenue due to several mitigating factors because of the covid pandemic which resulted in drop in oil production and net foreign exchange loss due to Naira devaluation against the dollar. As a result of this our direct costs increased significantly in 2021.

Commenting further, the CEO stated that, notwithstanding the loss reported in 2021, Caverton has robust reserves to accommodate this loss and a bulk of the reported loss is a one time charge on our accounts which arose from high start-up costs of our most recent helicopter contract with Chevron.

To further boost revenues, the Group has been exploring further opportunities within and outside the oil and gas sector. In addition to growing our market share in the oil and gas logistics sector, our primary focus for the year will be on third party training and maintenance. Our Maintenance Repair and Overhaul (MRO) facility and our Caverton Aviation Training Centre (CATC), both in Lagos, officially commenced business operation in the 2nd half of 2021. Prospects for training and maintenance is extremely positive as we are in advanced contract negotiations with a number of government and private institutions across Sub-Saharan Africa.

Directors:

Mr. Aderemi Makanjuola (Chairman), Mr. Olabode Makanjuola (Chief Executive Officer), Mr. Akin Kekere-Ekun, Mr. Akinsola Flola, Mr. HRM Edmund Daukoru, Mr. Bashiru Ayoola Bakare, Mallam Bello Gwandu, Chief Raymond Ihyembe

RC:750603

Caverton Offshore Support Group Plc

1, Prince Kayode Akingbade Close

Victoria Island Annex, Lagos, Nigeria

Tel: [phone]

[phone]

[phone]

Fax: [phone]

mail: [e-mail]

www.caverton-offshore.com

Caverton Aviation Training Centre (CATC) full flight simulator gained full certification by EASA, (European Union Aviation Safety Agency), in October 2021. The EASA's mission is to promote the highest common standards of safety and environmental protection in civil aviation. The Agency develops common safety and environmental rules at the European level. With global certification by an internationally recognized body CATC is now suitably qualified to undertake simulator training on the AW139 helicopter for Pilots from Nigeria and any part of the world and we expect this to not only boost the Group's revenue in the coming year, but also reduce capital flight from Nigeria.

Below are some of the highlights of the Quarter 4, 2021 Unaudited Results:

Group Financial Highlights:

• Revenue is N35.06B (N32.17b in 2020)
• Gross Profit N7.50B (N13.6B in 2020)
• Total Operating Profit, (excluding Finance Cost), is -N1.28B, (N5.29B in 2020)
• EBITDA for the period is N4.9B (N4.49B in 2020)
• Profit-Before-Taxis -N5.91B, (N1.26B in 2020)
• Profit-After-Taxis -N5.91B, (N1.18B in 2020)
• EPS is -177 kobo, (35 kobo in 2020)

Profitability Ratios

• Gross Margin is 21.39% (42.28% in 2020)
• EBITDA Margin is 8% (28% in 2020)
• Net Profit Margin is -16.86% (3.67% in 2020)
• EBIT/Interest Expense is 0.60 %, (2.21 % in 2020)

Directors:

Mr. Aderemi Makanjuola (Chairman), Mr. Olabode Makanjuola (Chief Executive Officer), Mr. Akin Kekere-Ekun, Mr. Akinsola Flola, Mr. HRM Edmund Daukoru, Mr. Bashiru Ayoola Bakare, Mallam Bello Gwandu, Chief Raymond Ihyembe

RC:750603

Caverton Offshore Support Group Plc

1, Prince Kayode Akingbade Close

Victoria Island Annex, Lagos, Nigeria

Tel: [phone]

[phone]

[phone]

Fax: [phone]

mail: [e-mail]

www.caverton-offshore.com

Capital Structure ratios

• Net debt/Equity is 1.72x (0.93x in 2020)
• Net debt/EBITDA is 9.69x (2.302x in 2020)
• Long-TermDebt/Total capitalization is 0.57x (0.42x in 2020)
• Asset turnover is 0.44x (0.48x in 2020)

For more information, visit the company's website at www.caverton-offshore.com

Amaka Obiora

Company Secretary

Directors:

Mr. Aderemi Makanjuola (Chairman), Mr. Olabode Makanjuola (Chief Executive Officer), Mr. Akin Kekere-Ekun, Mr. Akinsola Flola, Mr. HRM Edmund Daukoru, Mr. Bashiru Ayoola Bakare, Mallam Bello Gwandu, Chief Raymond Ihyembe