Shearwater implements measures to increase balance sheet resilience

02 Jul 2025 13:52 CEST

With reference to the first quarter report on 28 May 2025.

Bergen, 02 July 2025 -- Shearwater Geoservices AS ("Shearwater") has
implemented measures to increase balance sheet resilience in response to the
combination of short-term low activity levels and working-capital intensive
projects during the second and into the third quarter of 2025, as mentioned in
the first quarter report on 28 May.

Measures related to the bank-loan include temporary adjustments of the
leverage ratio covenant to 5.00x, deferral of two debt instalments until
January 2027, and amendment to the definition of free liquidity to include
certain customer receivables from tier-one clients. Shearwater has also
implemented a targeted cost reduction program and lowering its' non business
critical growth and maintenance CAPEX. The above initiatives are expected to
have a positive impact on Shearwater's free liquidity over the next twelve
months of more than USD 60 million.

For further information:
Andreas Hveding Aubert, CFO, Shearwater Geoservices, phone: +47 48 01 40 70
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.

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