Caverton Helicopters said the impact of the on-going COVID-19 pandemic has forced it to diversify its revenue streams to remain sustainable in business.

The new thinking, the company said, was part of a move to mitigate the effects of reduced flights by some of its oil and gas clients and dropped contracted aircraft and reduced rate for its operations.

But, the precarious situation, the company said, has forced it to reinforce its strategic decision.

The company said as the global business environment returns to normalcy, the negative impact of the pandemic is gradually wearing off such that  the company has not failed to meet its obligation to staff and suppliers.

Caverton Helicopters said it remains financially stable despite the lingering impact of COVID-19 on the national and global operating environment, even its commitment to safety in all facets of its operations remains impeccable and unimpeachable.

In a statement, the fixed wing operator said: “It is not deniable that the global pandemic negatively impacted the operations of countries and companies in the last two years. The oil and gas sector, Caverton Helicopters’ primary market, was, particularly, hit due to low demand occasioned by lockdowns across the globe. This affected the company’s operations as clients reduced flights, dropped contracted aircraft, and cut rates. But despite this, the company always met its obligations to its staff members and suppliers.

As the world returns to normalcy, the negative impact of the pandemic is wearing off, and our business outlook is more positive than before, reinforced by our strategic decision to diversify our revenue streams.

“To underscore our commitment to safety, capacity building and financial buoyancy, Caverton has built a 40,000 sqm training and Maintenance, Repair, and Overhaul facility. With spare parts from original equipment manufacturers, operating within an export free zone, and fitted with an European Union  regulator certified flight simulator, the facility is the first of its kind not just in Nigeria but in Africa.”

Giving further clarifications, the fixed wing operator said there was nothing unusual about some pilots leaving the company, as the free-  market economy principle  operated in the global air transport industry  allows for free entry and exit .

“As a matter of fact, the experienced hires by Caverton always come from other companies too, both within and outside the country. Creating a sensation out of some staff leaving one organization for another organization amounts to making a mountain out of a molehill. The relevant point is that Caverton always has the required number of well-trained, type-rated, and professional crew pilots and engineers from virtually all continents of the globe to meet the complex needs of its premium clients.

The company attributed the suspension of flights with one of its clients to the audit being carried out on it.

“It is also worth stating that regular audit review is not alien in a highly regulated sector like the oil and gas industry. The suspension of flights with one of our esteemed clients is to ensure such a review. It is a partial contract with the company. We are positive that we will return to normal operations once the audit is concluded.

“To underscore our commitment to safety, capacity building and financial buoyancy, Caverton has built a 40,000 square metres  training and Maintenance, Repair, and Overhaul facility.

With spare parts from original equipment manufacturers, operating within an export free zone, and fitted with an European Union  regulator certified flight simulator, the facility is the first of its kind not just in Nigeria but in Africa.”