Caverton Offshore Support Group Plc (Caverton) has announced a strategic joint venture with The Nigerian National Petroleum Corporation (NNPC) Shipping and global maritime leader Stena Bulk.
The agreement, signed in London, aims to revolutionize Nigeria’s maritime transportation by establishing a new tanker operation to serve regional and global shipping needs.
In a notice to the Nigerian Exchange Limited and the investing public, the newly formed company will focus on providing high-quality, reliable, and efficient maritime transport services, catering to Nigeria and West Africa’s crude oil, refined products, and LNG shipping requirements.
The partners will collaborate to develop a modern and efficient fleet, leveraging both new and existing vessels based on prevailing market conditions and commercial opportunities.
According to the company, the joint venture will explore vessel acquisitions and long-term charter arrangements to ensure a competitive operational structure while adhering to the highest safety and sustainability standards.
Primarily, the fleet will support NNPC’s logistics operations, handling crude oil, clean products, and LNG/LPG transportation. Additionally, the new entity will extend its services to other oil producers and traders, offering a strategic advantage with its modern fleet, strong financial backing, and extensive maritime expertise.
CEO of Caverton Offshore Support Group, Bode Makanjuola emphasized the significance of this partnership, stating: “This joint venture, the result of years of strategic planning, represents a major leap forward in strengthening Nigeria’s maritime industry. By combining local expertise with international best practices, we are creating a world-class operation that will not only benefit Nigeria but also positively impact the broader Sub-Saharan African region.”
He noted that the initiative aligns with Nigeria’s broader economic ambitions as the country continues to solidify its status as Africa’s largest economy. With a strategic location, a rapidly growing population, and ambitious infrastructure projects, Nigeria presents significant opportunities for the maritime industry.
He said by establishing a world-class tanker operation, the joint venture aims to address immediate logistical challenges while contributing to long-term economic diversification and growth.
