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Caverton shakes up leadership roles amid loss of Chevron contract, financial decline



Caverton shakes up leadership roles amid loss of Chevron contract, financial decline

Caverton Offshore Support Group has made changes to the leadership of Caverton Helicopters Limited after losing its contract with oil and gas company, Chevron, to rival, Bristow Helicopter.

Captain Ibrahim Bello was appointed the Managing Director/Accountable Manager of Caverton Helicopters Limited, effective July 1, 2022, a statement released on Thursday disclosed.

Bello, who has over 34 years of aviation experience, joined Caverton Helicopters in 2011. Prior to his recent appointment, he headed different positions within the firm, becoming the Base Managing Pilot, overseeing Port Harcourt Shell operations in 2012.

Two years later, he became the Shell Contract Manager in August 2014, and the next year, in September, he was appointed the Director of Operations, before the company appointed him as the Managing Director of Caverton Helicopters Limited.

The company also appointed Rotimi Makanjuola as Group Chief Operating Officer (COO), while Lolade Abiola received an appointment to become the Executive Director of Training for Caverton Helicopters.

What you need to know

Prior to the changes made in the leadership level, Caverton lost one of its biggest contracts in the oil and gas industry, from Chevron, following allegations of the company not maintaining its aircraft used to airlift personnel of the contractor.

Read also: Caverton, Sterling Bank, Oando are stocks to watch this week

According to a source who spoke to Ripples Nigeria, Chevron had to take over the maintenance of the aircraft, as Caverton couldn’t transport its personnel offshore and onshore.

Recall that on May 11, one of Caverton’s helicopters had also crashed in Cameroon, killing all on board; two pilots and nine passengers. The company didn’t reveal the cause of the crash, but acknowledged it.

Aside from its helicopter issues, Caverton was also having challenge growing its earnings, reporting N7.95 billion as turnover, which is -2.55% below the N8.15 billion generated in the corresponding period of Q1 2021.

The company didn’t respond to Ripples Nigeria enquiry on the contract loss and maintenance issue.

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