Caverton Offshore Support Group, a Nigerian company that provides marine and aviation services to the oil and gas industry, plans to expand in four new countries after listing on the Nigerian Stock Exchange yesterday.
“We’re looking at taking our aviation and offshore logistics support services to Congo, Mozambique, Angola and Ghana” over the next five years, Chief Executive Officer Olabode Makanjuola said in an interview in Lagos, Nigeria’s commercial capital. “We’re invited by the international oil companies and investors in these countries.”
Caverton listed 3.35 billion shares at 9.50 naira each on the Nigerian bourse, it said in an e-mailed statement. That gave the company, which provides oil field services for multinationals includingRoyal Dutch Shell Plc (RDSA), Exxon Mobil Corp. and Total SA, a market capitalization of about 32 billion naira ($196 million).
The share listing is a boost to the stock market in Africa’s biggest economy, Nigeria Stock Exchange Chief Executive Officer Oscar Onyema said at the listing ceremony. The NSE is targeting a market capitalization of $1 trillion from the current $75 billion estimated by Bloomberg. Caverton is the second company to list in Nigeria this year, the first being Seplat Petroleum Development Co. (SEPL)
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