Shearwater Announces Commencement of Second Season of Brazil Pelotas Basin Acquisition

07 Jan 2025 09:00 CET

Bergen, 7 January 2025 -- Shearwater Geoservices AS ("Shearwater") is pleased
to announce the commencement of the second season of acquisition for the
Pelotas Basin multi-client 3D seismic survey in Brazil, conducted in
partnership with Searcher Seismic.

This new acquisition will be the sixth multi-client 3D project for the joint
venture and will utilise the SW Empress, one of the world's most advanced
seismic vessels, to expand the Pelotas survey area beyond 10,000 sq.km. By
acquiring detailed 3D seismic data, the project will provide explorers with
critical insights into the geological structure of the Pelotas Basin, helping
to de-risk exploration activities, enable faster decision-making, and pave the
way for successful hydrocarbon discoveries.

The survey covers large areas of open acreage expected to be available in the
5th cycle of the Brazilian Open Acreage Release, and acreage awarded in the
4th cycle last year. The survey area holds significant promise due to its
geological connection with the Orange Basin in Namibia and South Africa, a
globally emerging super basin of great importance. This relationship between
the Pelotas Basin and the Orange Basin offers unique opportunities to leverage
knowledge and discoveries across the Atlantic Conjugate Margin, enhancing
exploration strategies and maximizing resource potential.

Irene Waage Basili, CEO of Shearwater, commented: "Shearwater has already
acquired over 26,000 sq.km. of multi-client data, further establishing our
position in the multi-client space. Shearwater and Searcher Seismic have built
a highly successful partnership in one of the world's most prosperous frontier
areas and the new season's work is a great opportunity to extend this
success".

For more information:
Irene Waage Basili, CEO, Shearwater GeoServices, phone: +47 90 09 86 88
Kristian Rådal, Investor Relations Manager, phone: +47 99 23 61 58

About Shearwater:
Shearwater is a global marine geoscience and technology business that
specialises in collecting data offshore. The organisation uses state-of-the
art seismic vessels and equipment to explore the seabed and processes the data
using market-leading proprietary software. These insights help clients
understand the Earth and make informed decisions about accelerating
responsible use of its resources. Shearwater's headquarters is in Bergen,
Norway, with more facilities all around the globe. The company employs around
1280 people.

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