Shearwater announces fourth quarter 2024 results

28 Feb 2025 08:30 CET

Bergen, 28 February 2025 -- Shearwater Geoservices AS ("Shearwater") today
published its fourth quarter 2024 results.
Highlights Q4 2024:

* Decreased streamer acquisition activity through the quarter in line with
expectations

* Successful completion of expanded India OBN survey and mobilisation of the
SW Tasman/Pearl node platform to consecutive West Africa contracts

* Mobilising for second Pelotas Basin multi-client 3D acquisition season in
Brazil, capitalising on successful 2024

* Year-end contract backlog of USD 337 million following high tender and award
activity

* Limited visibility of whether recent year-over-year increase in tender
activity will continue throughout the year

Irene Basili, CEO of Shearwater, comments on the fourth quarter results:
"Marine seismic acquisition activity was muted towards year-end extending the
weaker-than-expected 2024 market. This was also reflected in the fourth
quarter financial performance. Still, the pace of contract awards was
encouraging, with three new OBN- and six new streamer-contracts, supporting
visibility into the first quarter of 2025.

Several contracts delayed in 2024 are moving ahead, adding to the underlying
market demand. While these signs are positive, our outlook remains influenced
by our client's continued cautiousness and capital discipline. Therefore, we
cannot assume that the year-over-year increase in activity at the start of
2025 will continue. That said, we are well positioned to benefit from a
tighter market as an industry consolidator with available swing capacity and
technology leadership.

Our unique OBN platform, comprising SW Tasman and the Pearl node, has since
completion of contracts in India, moved to West-Africa for several consecutive
projects. At completion of current contract pipeline, the SW Tasman/Pearl kit
will have had about 18 months of consecutive operations since January 2024.

Shearwater maintains an opportunistic yet disciplined multi-client strategy.
At year-end, we were mobilising for our second season of multi-client
acquisition over the attractive Pelotas Basin in Brazil to respond to key
clients' interests after our successful 2024 season, by that further
strengthening our position within the multi-client segment.

We remain focused on optimising operations and financial performance amid
demand fluctuations, by proactively adjusting our active fleet. This includes
evaluating optimal size and capacity of Shearwater's total fleet. The uptick
in tenders and awards provides ample room for industry discipline to ensure
long-term sustainable rates and for us to position for delivering efficient
operations, improved fleet utilisation and solid results."

Webcast and conference call
On Tuesday 4 March at 15:00 CET, the company will host a webcast and
conference call followed by Q&A. The call is hosted by CEO Irene Waage Basili
and CFO Andreas Hveding Aubert.

Webcast:
You can follow the presentation via webcast with supporting slides, available
on:
https://events.webcast.no/viewer-registration/7eJYKCoz/register

Call-in information
Participants dial in numbers:
DK: +45 7876 8490
SE: +46 8 1241 0952
NO: +47 2195 6342
UK: +44 203 769 6819
US: +1 646-787-0157
PIN code: 826796

For further information, please contact:
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.

More information:
Access the news on Oslo Bors NewsWeb site

640102_2024 Q4 Shearwater Geoservices AS Group.pdf