Caverton Offshore Support, a leading marine and aviation logistics company, has seen its share price surge by over 65% month-to-date in the Nigerian stock market.
The company, which provides services to the oil and gas industry across Nigeria and sub-Saharan Africa, experienced a wave of positive sentiment after announcing plans to integrate electric outboard engines from ExploMar (Suzhou) into its marine ferries.
Caverton’s stock has risen to a high of N2 this week, driven by bullish price action and increased market activity.
Trading volume has more than doubled in the second week of September, further boosting investor confidence.
This move aligns with the global shift towards sustainable transportation and has been well-received by investors.
Financial Performance
In August, Caverton announced a strategic partnership with China-based ExploMar (Suzhou) Energy Technology Co. Ltd. to incorporate electric outboard engines into its newly launched passenger ferries, known as OMIBUS.
This partnership represents a significant step toward sustainable maritime operations in Nigeria, with Caverton Marine enhancing the efficiency of its fleet while reducing carbon emissions and its environmental footprint.
Bode Makanjuola, CEO of Caverton Offshore Support Group, emphasized the importance of the partnership, stating:
“This agreement with ExploMar represents a significant milestone in our journey towards sustainable maritime operations. By leveraging ExploMar’s cutting-edge technology, we are setting new standards for passenger ferry services in Nigeria and demonstrating our commitment to a greener future.”
This initiative not only supports environmental sustainability but also aligns with Caverton’s mission to drive local industry development.
As of September 13, 2024, Caverton’s stock continues to trade above N2.20, with a market volume exceeding 55 million shares.