Shearwater announces first quarter 2025 results

28 May 2025 16:30 CEST

Bergen, 28 May 2025 -- Shearwater Geoservices AS ("Shearwater") today
published its first quarter 2025 results. Revenue was USD 189.4 million
compared to USD 123.4 million in the first quarter 2024. EBITDA was USD 58.1
million compared to USD 15.1 million in the first quarter 2024.

Key takeaways:

* Strong operational performance in line with expectations

* Record-high 94% utilisation for the active fleet of nine vessels

* Signed innovative global capacity reservation agreement with TotalEnergies

* Awarded major ExxonMobil OBN survey in key production asset in Guyana

* Backlog increased to USD 400 million at end-March

* Proactively optimising capacity and utilisation to match expected softer
short to medium term

Irene Basili, CEO of Shearwater, comments on the first quarter results:
"We delivered strong operational and financial results for the first quarter
of 2025 with record-high 94% fleet utilisation and good cash generation. This
reflects higher activity coming into 2025 as expected and diligent execution
of Shearwater's operational model with continuous matching of active vessels
to the underlying market conditions.

We also recognised material commercial wins led by the industry-first
three-year capacity reservation agreement with TotalEnergies and we were
awarded a large 4D ocean bottom node (OBN) survey for ExxonMobil in Guyana.
Both reflect our focus on innovation and disciplined growth.

The aggregate marine seismic market is expected to follow the same trend line
as the past three years. However, the visibility for the coming quarters
remains low due to fewer contracts awarded for the mid-year period and we will
align active vessels with demand. Oil and gas (E&P) companies' investment
budgets continue to reflect geopolitical uncertainty and market volatility,
while capital discipline remains in focus. In response to the prevailing
market dynamics, we are proactively assessing costs and investment levels to
optimise cash flow. Considering the market outlook for the mid-year and due to
higher working capital requirements resulting from back-end loaded payment
terms with several clients, we have proactively initiated dialogue with key
stakeholders to ensure balance sheet resilience.

Longer term, our ambitions are unchanged. The oil and gas exploration and
production industry will need to invest more in marine seismic data
acquisition, processing and imaging to rebuild reserves, maintain production
and ensure energy security. In light of this, despite current short-term
volatility, the tender pipeline is encouraging and is expected to support
continued sustainable margins.

Against this backdrop, we focus on building a resilient Shearwater. Our
high-end asset portfolio and in-house technology platform are competitive
strengths, enabling us to leverage streamer market leadership to grow within
the OBN and multi-client segments in a disciplined manner."

Webcast and conference call
CEO Irene Waage Basili and CFO Andreas Hveding Aubert will today at 17:00 CEST
host a webcast and conference call followed by Q&A.
You can follow the presentation via webcast with supporting slides, available
on: https://events.webcast.no/viewer-registration/0PYoxx4A/register

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

PIN code: 826796

For further information, please contact:
Kristian Rådal, Head of Investor Relations, 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 beneath 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
1270 people.

More information:
Access the news on Oslo Bors NewsWeb site

647905_2025 Q1 Shearwater Geoservices AS Group.pdf