Caverton Marine Limited, a subsidiary of Caverton Offshore Support Group Plc (NGX: CAVERTON) has partnered with Naval Dockyard Limited in a bid to strengthen its capacity to produce high-quality vessels, including GRP ferries, security boats, fishing vessels, and leisure crafts.
Also read; How to become a distributor of Dangote Cement
In a regulatory filing on Thursday, CAVERTON announced that its subsidiary, Caverton Marine Limited signed a concession agreement with Naval Dockyard Limited on Tuesday, December 10, 2024. The agreement focuses on the management, revitalization, and leasing of the Glass Reinforced Plastic (GRP) Warehouse, aiming to enhance local production capabilities in shipbuilding and marine manufacturing.
The signing ceremony, held at the Naval Dockyard in Victoria Island, Lagos, signifies a major step forward for Nigeria’s maritime industry. Through this collaboration, Caverton Marine seeks to strengthen its capacity to produce high-quality vessels, including GRP ferries, security
boats, fishing vessels, and leisure crafts.
Rear Admiral Abolaji Orederu, Admiral Superintendent of the Naval Dockyard, lauded the agreement as a testament to the synergy between Caverton Marine and Naval Dockyard Limited (NDL). According to him, the collaboration has been carefully developed over the past
year and received approval from the Chief of Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogalla, and the Caverton Group’s Board of Directors.
Mr. Olabode Makanjuola, Chief Executive Officer of Caverton Offshore Support Group Plc, highlighted the importance of the partnership during his remarks: “Today represents a pivotal moment as we formalize this partnership with Naval Dockyard Limited to transform the GRP Warehouse into a world-class manufacturing facility. The Naval Dockyard’s legacy as Nigeria’s premier shipbuilding and repair hub aligns seamlessly with our
vision to develop innovative maritime solutions and advance shipbuilding capabilities across the region.”
He further emphasized that this initiative reinforces Caverton Marine’s commitment to fostering local capacity development, workforce training, and technological advancements in the maritime sector.
The revamped GRP Warehouse will play a crucial role in Caverton Marine’s strategic growth, enabling the company to execute large-scale boat-building contracts, explore new markets across Sub-Saharan Africa, and form additional strategic alliances. This agreement underscores Caverton’s dedication to contributing to the growth of Nigeria’s marine infrastructure and establishing the country as a key player in the global maritime industry.
About Caverton Offshore Support Group Plc
Caverton Offshore Support Group Plc (the Company or the parent) is a limited liabilities company incorporated and domiciled in Nigeria. The registered office is located at 1, Prince Kayode Akingbade Close, Off Muri Okunola Street, Victoria Island, Lagos, Nigeria.
The Group is principally engaged in the provision of offshore services to the oil and gas industry, harbour and general marine operations; and the provision of charter, shuttle and maintenance services of helicopters and airplanes to third parties.
=Caverton Offshore Support Group Plc hold 99.00% equity interest in Caverton Marine Limited, which was incorporated on 28 July 1999. Caverton Marine Limited’s principal activities are harboring and general marine operations.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
