Caverton Offshore Support Group, through its subsidiary Caverton Shipping, has signed an agreement with NNPC’s maritime arm, NNPC Shipping. The deal, which also includes Swedish shipping firm Stena Bulk, aims to establish a new shipping line.
Signed in London in mid-February, the agreement paves the way for the establishment of a shipping tanker operation. The venture will focus on transporting crude oil, refined petroleum products, and liquefied natural gas (LNG).
With N58.9 billion retained losses, and a negative net asset position of N49.7 billion, is this joint venture the magic wand for Caverton’s financials?