CAVERTON OFFSHORE SUPPORT : CAVERTON- 2023 Q1 COSG PRESS RELEASE

CAVERTON OFFSHORE SUPPORT GROUP PLC

Unaudited Financial Results for the Period Ended 31 March 2023

CAVERTON MAKES A PROFIT-BEFORE-TAX OF N566 MILLION

FOR THE PERIOD JANUARY TO MARCH 2023

LAGOS, NIGERIA - 18 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, today announces its unaudited results for the period ended 31st March 2023. The results show a Profit-Before- Tax of N566 Million.

Commen#ng on the results, Caverton's Chief Execu#ve Officer, Mr. Bode Makanjuola, said ''the period's financial posi#on is a manifesta#on of the various efforts put in by management to mi#gate the effects of the nega#ve results posted in 2022 due to nega#ve occurrences that bedevilled the company in the immediate past year. To ensure that Shareholders' values are not eroded, necessary steps have been taken to turn the fortune of the company around and strengthen shareholders' confidence in the affairs of the company.

Furthermore, the company's Chief Execu#ve officer stated that the Group has refocused its efforts on diversifying its business interest within the avia#on and marine sectors while exploring other more profitable areas for investments and business development. While reconsolida#ng on our avia#on oil contracts and industry market share, efforts are underway to boost revenue and reduce our opera#ng and finance costs".

According to the CEO, "The Maintenance Repair and Overhaul (MRO) facility and the Caverton Avia#on 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 a@rac#ve to operators and aircra> owners in neighbouring West African countries who have also had to endure the arduous task of sending aircra> and engines to Europe for heavy maintenance and overhauling. 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 recep#on 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.

We are hopeful that in the face of our ever-increasing popula#on, demand for marine transporta#on as an alterna#ve to our congested roads will con#nue to grow and thereby a@ract more businesses for our Marine sector. 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 March 2023 unaudited Results:

Group Financial Highlights:

• Revenue is N5.18B (N7.98b in March 2022)
• Gross Profit N2.16B (N2.37B in March 2022)
• Total Opera#ng Profit, (excluding Finance Cost), is N810M, (N1.77B in March 2023)
• Profit/(Loss)-Before-Taxis (N566M), (N659M in March 2022)
• EPS is (0.17) kobo, ((0.18) kobo in March 2022)

Profitability Ra9os

• Gross Margin is 41.78% (29.71% in March 2022)
• Net Loss Margin is 10.92% (8.26% in March 2022)
• EBIT/Interest Expense is 351 %, (156 % in March 2022)

Capital Structure ra9os

• Net debt/Equity is 1.41x (1.27x in March 2022)
• Long-TermDebt/Total capitaliza#on is 1.52x (0.96x in March 2022)
• Asset turnover is 0.07x (0.10x in March 2022)
• EBIT/Capital Employed is 3% (5% in March 2022)

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 aircra>s 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

Amaka Obiora

Company Secretary