CAVERTON OFFSHORE SUPPORT : 2023 Q2 UFS CAVERTON PRESS RELEASE

CAVERTON OFFSHORE SUPPORT GROUP PLC

Unaudited Financial Results for the Period Ended 30 June 2023

CAVERTON MAKES A PROFIT-BEFORE-TAX OF N258 MILLION

FOR THE PERIOD JANUARY TO JUNE 2023

LAGOS, NIGERIA - 7 AUGUST 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, today announces its Unaudited results for the period ended 30th June 2023. The results show a Profit- Before-Tax of N258 Million.

Commen#ng on the results, Caverton's Chief Execu#ve Officer (CEO), Mr. Bode Makanjuola, said the Company was unable to #mely file and publish its Unaudited Financial Statements (Q'2 2023 UFS) for the second quarter ended June 31, 2023, by July 31, 2023, as required under the Rules of the NGX. The Company's inability to publish was due to the delays in finalizing the Unaudited Financial Statements (FY 2023 UFS) of the Group for the second quarter ended June 31, 2023. The FY 2023 UFS was concluded and submi@ed to the NGX on August 1, 2023.

The CEO stated that the period's financial posi#on shows a cumula#ve result of opera#ng ac#vi#es in both quarter one and two of the year 2023. He stated further that opera#ng costs in the country has con#nued to skyrocket since the beginning of the year and despite this fact, management has con#nued to put in various efforts to ensure the sustainability of the company. He then assured that management will con#nue to strategize in a bid to ensuring that the Shareholders' values are not eroded.

Furthermore, the company's Chief Execu#ve officer stated that con#nued efforts are made to analyse the market in which the Group operates with a view to tapping available benefits and conver#ng emerging opportuni#es into a beneficial business interest within the avia#on and marine sectors while exploring other more profitable areas for investments and business development.

According to the CEO, the group is beginning to reap the benefit of the huge investments commi@ed into seCng up the "The Maintenance Repair and Overhaul (MRO) facility and the Caverton Avia#on Training Centre (CATC), both in Lagos, as the level of patronage in these two units are now on the increase. He stated further that in addi#on to the already installed and fully opera#onal AW139 Simulator (first in West African sub-region), a second Simulator for the smaller AW109 helicopter is currently being installed and it's expected to be fully completed in the third quarter of the year. All these pioneering efforts in the avia#on sub-sector of the group's opera#ons are expected to improve the overall profitability of the group this year and in a foreseeable future period.

On the marine front, Caverton Marine Limited has intensified efforts in its boat building project and as a manifesta#on of the company's expansion in this business segment, Caverton marine is planning to acquire a bigger construc#on site along Badagry axis to complement the ongoing jobs in the current site at Badore, Ajah Lagos state. Aside from building GRP passenger ferries, the company is also building security boats and plans are underway to add fishing boats and leisure boats to the fleet. These marine vessels are being built to the highest safety and quality standards under interna#onal marine vessel classifica#on agency guidelines.

We are op#mis#c that given the level of conges#on on our road, demand for marine transporta#on as an alterna#ve means of fast and reliable movement of passengers and goods from one loca#on to another will con#nue to grow and thereby a@ract more businesses for our Marine sector. 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 is constantly conduc#ng researches into a more and efficient ways of building a state-of-the-art boat and we are confident that we can deliver top-quality vessels that meet interna#onal standards.

Below are some of the highlights of the June 2023 unaudited Results:

Group Financial Highlights:

• Revenue is N13.28B (N13.96b in June 2022)
• Gross Profit N4.56B (N3.51B in June 2022)
• Total Opera#ng Profit, (excluding Finance Cost), is N1.04B, (N1.38B in June 2023)
• Profit/(Loss)-Before-Taxis (N258M), (N203M in June 2022)
• EPS is (0.08) kobo, ((0.06) kobo in June 2022)

Profitability Ra8os

• Gross Margin is 34.34% (25.12% in June 2022)
• Net Profit Margin is 1.95% (1.46% in June 2022)
• EBIT/Interest Expense is 135 %, (110 % in June 2022)

Capital Structure ra8os

• Net debt/Equity is 4.6x (4.03x in June 2022)
• Long-TermDebt/Total capitaliza#on is 1.89x (1.38x in June 2022)
• Asset turnover is 0.19x (0.16x in June 2022)
• EBIT/Capital Employed is 2.88% (3.35% in June 2022)

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 aircraOs opera#ng out of nine loca#ons. The company has an impressive oil and gas client base which include Shell, Agip, Total, ExxonMobil, NNPC, Aiteo, among others.

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