Business

Caverton: New Identity, New Status

Raheem Akingbolu writes on the series of activities put together to herald Tuesday’s listing of Caverton on the Nigerian Stock Exchange
 
For handlers of Caverton, an oil and gas services firm, the last one month has been filled with activities. After months of in-house consultations on the best way to announce to the world about the new identity and status of the company, they finally hit the streets recently through teasers in national newspapers.
 
 
The advertorial, though appeared with few words and images, arose curiosity, thereby achieving it set goal of promoting the new status of the brand.
 
In sequence, the teaser continued until the name Caverton was finally revealed as the brand behind the various sensitisation campaigns. Of course, many analysts and stakeholders had before the day of the ‘revelation’ resulted to guess work, which further boosted the reach of the campaign.
 
The approach of the management of Caverton can be said to be a unique way to enter the market, which resonates the building and management of successful global brands. In a way, the promoters of Caverton have shown that they know that brand positioning goes beyond conceptualisation of ‘logo’ and sloganeering. 
 
Experts have always emphasised the need for rebranding to be a total overhauling of processes. This obviously explains why the repositioning of Caverton has taken a long process and involved all facets of its operations.
 
However, reasons for rebranding are different from one brand to the other. It can be a way to refresh after long years of operation. It can also be a way to announce a new status as a result of merger and acquisition. 
 
For Caverton, the rebranding exercise and all the activities lined up for it were to announce its new status as the first listed oil and gas services firm in Nigeria. Beyond this, the ongoing exercise is a way to consolidate all the group’s activities in one basket.
 
In other to fuse into one, a new logo was created to unify across all the companies in the new group to reflect the common purpose and what the group stands for.
 
Synopsis
Speaking on the new status, its chief executive officer, Mr. Olabode Makanjuola, explained that Caverton new identity reflects the philosophy of the brand to always raise sustainable standards to meet the yearnings of stakeholders and contribute meaningfully to the environment in which it operates.
 
He also explained that Tuesday’s listing on the Nigerian Stock Exchange (NSE), was to strengthen the market influence of the brand as well as further position it as a global brand of choice.
 
According to him, “the Caverton logo has been unified across all our companies to reflect our common purpose and what we stand for. Over the years, our businesses have grown and established three distinct entities – Offshore Support, Helicopters and Marine.
 
"We have decided to bring all businesses under a strong single 'mother' brand that enhances our brand strength, which the individual businesses will leverage for overall strength.
 
“Though our logo is changing to a single logo for all Caverton companies, our commitment to safety remains unwavering.  We aim for zero while reducing risk, improving safety and increasing efficiency.  Our brand is our greatest commercial asset and dictates how we behave and what we say,” he said.
 
He also explained that the logo symbolises the Bluton Compass of three blue colours, which is built on Caverton’s brand legacy, showing the indispensable rich deep-seated robust experience in the aviation and marine sector. To this end, he explained why the logo should always be placed on a white background.
 
“It is a 'cave icon' carved out of Caverton's first alphabet, letter C. The letter C illustrates a cave that opens outward to its limitless environment and also opens inward to a 'cavernous' environment. It also symbolizes the rudder of an aircraft as graphically as that of a ship.
 
“Apart from identifying the aviation and marine sectors, the blue colour also reflects “safety”, Caverton's irreplaceable brand value which is further accentuated by the choice of White, another colour that signifies 'safety'.The Blue Curve altogether underscores Caverton's safety-oriented business operations and brand promise of safety,” he explained.
 
At the beginning
Caverton Offshore Support Group Plc was incorporated in Nigeria on June 2, 2008, as a private limited liability company. The Group operated in the marine and aviation logistics sectors of the Nigerian oil and gas industry.
 
The group was formed to acquire Caverton Helicopters Limited and Caverton Marine Limited, both of which were already operating in the Nigerian offshore oil and gas logistics industry.
 
Since inception, the group has positioned itself as one of the leading indigenous oilfield services companies in Nigeria, and following the passage of the local content policy, which was aimed at substantially increasing indigenous participation in the local and gas industry, the company immediately positioned itself to leverage the opportunities the government policy presented.

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