Caverton Receives $ 85 Million Facility from Shell
Caverton Helicopters has received an $ 85 million loan from Shell Nigeria. Shell Nigeria also doubles as one of Caverton’s biggest customers.
The loan is to assist Caverton in upgrading its fleet of helicopters to the more advanced AW-139 model.
Caverton will purchase six of the helicopters with the facility from Shell.
Shell disclosed over the weekend that the aircraft will be used for Shell Nigeria Exploration and production company (SNEPCO) and Shell Petroleum Development Company (SPDC).
Caverton is expected to repay the loan from part of the proceeds of its contract with Shell.
SNEPCO boss, Chike Onyejekwe stated, “We began the journey in 2010 when we awarded the biggest aviation contract to a Nigerian company. Both Shell and Caverton have worked hard to take the contract to a higher level, and the story will get even better in the coming years not just for our companies but also for service providers in the aviation sector and the wider economy.”
Chairman of Caverton, Remi Makunjuola stated, ““In the two years since we signed the contract with Shell, we have grown from a company with a staff strength of 90 persons to over 500, creating a pool of highly skilled Nigerians that can work anywhere in the world. The support we have enjoyed from Shell is a lasting testament to Nigerian content development.”