CAVERTON OFFSHORE SUPPORT : 2022 CAVERTON PRESS RELEASE AFS

CAVERTON OFFSHORE SUPPORT GROUP PLC

Audited Financial Results for the Period Ended 31 December 2022

CAVERTON MAKES A LOSS-AFTER-TAX OF N5.16BILLION

FOR THE PERIOD JANUARY TO DECEMBER 2022

LAGOS, NIGERIA - 12 MAY 2023 - Caverton Offshore Support Group Plc, (Bloomberg: Caverton NL), the leading provider of marine, avia#on and logis#cs services to local and interna#onal oil and gas companies in Nigeria, announced its audited results for the year ended 31st December 2022 on 9 May 2023. The results show a Loss- A1er-Tax of N5.16 billion.

Commen#ng on the results, Caverton's Chief Execu#ve Officer, Mr. Bode Makanjuola, said "coming off the back of a difficult 2022 for the company this loss was ancipated and the Group's management have already been taking the necessary steps to migate the negave impact across the Group to ensure shareholder value is not eroded. Whilst offshore helicopter logiscs has accounted for a substanal amount of the company's revenue over the past decade, the Group has refocused its efforts on diversifying its business interest within the aviaon and marine sectors while exploring other more profitable areas for investments and business development. While reconsolidang on our aviaon oil contracts and industry market share, efforts are underway to boost revenue and reduce our operang and finance costs".

He stated that "our Maintenance Repair and Overhaul (MRO) facility and the Caverton Aviaon Training Centre (CATC), both in Lagos, have officially commenced business with prospects to improve the earning capacity of the Group. We have already commenced third party maintenance of helicopter aircra/ in Nigeria and given our Free Trade Zone status we are also a3racve to operators and aircra/ owners in neighboring West African countries who have also had to endure the arduous task of sending aircra/ and engines to Europe for heavy maintenance. We are confident that the level of patronage we have witnessed over the 1st quarter of the year will herald improved revenues for 2023. Furthermore, coming off the successful recepon of our AW139 flight training simulator, a second Simulator for the smaller AW 109 helicopter is due to arrive in the second quarter of 2023".

This according to him will further boost the revenue genera#ng poten#al of our Training Centre.

On the marine front, Caverton Marine Limited has been at the forefront of promo#ng and suppor#ng improved water transporta#on. As a result of the growing interest in waterways transporta#on, the quality and safety of water ferries has been a major talking point amongst both regulators, passengers and operators. Caverton recently invested in a boatyard where the company is currently building GRP passenger ferries and security boats to promote and encourage safe water transporta#on. These marine vessels are being built to the highest safety and quality standards under interna#onal marine vessel classifica#on agency guidelines. Marine vessels are classified according to the soundness of their structure and design and classifica#on agency guidelines are there to ensure the vessels meet an acceptable standard of stability, safety and environmental impact acceptability.

With our ever-increasing popula#on, demand for marine transporta#on as an alterna#ve to our congested roads is rapidly growing. There is therefore a need for high-quality vessels that can meet the demands of both local and interna#onal markets. the CEO stated that "Our boatyard and je@y will provide a hub for the construc#on and maintenance of marine vessels, crea#ng jobs and contribu#ng to the development of the Nigerian mari#me industry. Our team has significant experience in boat building and we are confident that we can deliver top- quality vessels that meet interna#onal standards. We presently use modern technology and equipment to ensure that our boats are not only durable and efficient but also environmentally friendly".

Below are some of the highlights of the 2022 audited Results:

Group Financial Highlights:

• Revenue is N29.23B (N34.76b in 2021)
• Gross Profit N3.69B (N8.2B in 2021)
• Total Opera#ng Profit, (excluding Finance Cost), is N527M, (N26.31B in 2021)
• Profit/(Loss)-Before-Taxis (N5.08B), (N5.6B in 2021)
• Profit/(Loss)-A1er-Taxis (N5.16B), (N4.32B in 2021)
• EPS is (1.53) kobo, ((1.28) kobo in 2021)

Profitability Ra8os

• Gross Margin is 12.60% (23.69% in 2021)
• Net Loss Margin is (17.39)% (16.11% in 2021)
• EBIT/Interest Expense is 6 %, (4 % in 2021)

Capital Structure ra8os

• Net debt/Equity is 1.67x (1.22x in 2021)
• Long-TermDebt/Total capitaliza#on is 1.71x (1.1x in 2021)
• Asset turnover is 0.39x (0.43x in 2021)
• EBIT/Capital Employed is 0.01% (0.01% in 2021)

Amaka Obiora

Company Secretary

About Caverton

Caverton is one of Nigeria's leading oil services companies providing solu#ons for a range of mul#na#onal companies across avia#on and marine services. Caverton Marine, one of the fastest growing indigenous shipping companies commenced opera#ons in 1999 while Caverton Helicopters a helicopter charter, sales and Maintenance Company was established in 2002. Both companies were consolidated to form Caverton Offshore Support Group on 2ndJune 2008. The group's focus and primary business is to provide logis#cs and environmental support services to oil and gas fields with broader plans to support energy opera#ons along the West African shelf as well as other ancillary support services. Caverton has a young and growing fleet of vessels and aircra1s opera#ng out of nine loca#ons. The company has an impressive oil and gas client base which include Shell, Total, ExxonMobil, NNPC, Aiteo, among others.

For more informa#on, visit the company's website at www.caverton-offshore.com\