Following inability to maintain their aircraft and in a bid to prevent their failure from hindering its operations, Chevron Nigeria Limited has terminated its contract with Caverton Offshore Group.
An oil and gas logistics firm, Caverton who were contracted to airlift CNL personnel from onshore to offshore failed to fulfill their obligations forcing Chevron to end the contract and transferring same to Bristow Helicopter a rival to Caverton.
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Forseeing a dip in the earnings of Caverton for Q2 2022 as a result of the contractual breach with Chevron Nigeria Limited, chairman of the firm Adeniyi Makanjuola and his brother Aderemi Makanjuola offloaded 2.76 million shares from the company, taking away N3.03 million from the company’s finances in sales that happened over 6 days.
Makanjuola sold 1.5 million shares on June 3 and another 258,000 set of shares on the 6th of June. On 9th of June, he sold another 268,469, additional 49,454 was disposed on the 10th. 832,195 shares were sold on the 14th of June before rounding off the clearance sales with the sale of 5,733 the next day being 15th june. In similar circumstances, his brother who asides being chairman of Caverton also represents Molar Vessels Supply Limited in one fell swoop disposed of 200,000 of his shares on June 7.
The firm which began selling off shares in 2021 ended the year with 245.34 million shares as against the 251.05 million shares it held in 2020. Presently it holds 245.16 million shares with a total value of N257.52 million.