Shearwater announces second quarter 2025 results

29 Aug 2025 09:00 CEST

Bergen, 29 August 2025 -- Shearwater Geoservices AS ("Shearwater") today
published its second quarter 2025 results. Revenue was USD 133.8 million
compared to USD 214.2 million in the second quarter 2024. EBITDA was USD 11.9
million compared to USD 80.1 million in the second quarter 2024.

Key takeaways:

* Lower activity impacted financial performance, as expected
* 78% utilisation for the active fleet of eight vessels supported by projects
initiated in earlier periods
* Successfully completed multi-client data acquisition for second season at
Pelotas Basin, Brazil
* Awarded first contract under TotalEnergies global capacity agreement
* Implemented measures to increase balance sheet resilience
* Backlog of USD 319 million at end-June

Irene Basili, CEO of Shearwater, comments on the second quarter results:
"As expected, marine seismic activity declined during the second quarter.
Still, we delivered robust fleet utilisation of 78%, supported by projects
starting in earlier periods with vessels rolling off contract towards
quarter-end. We completed multi-client data acquisition for the second season
in Brazil's Pelotas Basin, which is rapidly emerging as one of the world's
most promising exploration regions. The survey is in line with our disciplined
and focused growth strategy within the segment.
Recent client contracts awarded in the third quarter are encouraging,
confirming the market positioning Shearwater has achieved in the competitive
OBN (ocean-bottom node) market. Still, year-to-date order intake has been
muted. We continue to experience low visibility as clients remain cautious,
affecting fleet scheduling. There are no clear indications of a step change in
the marine seismic market, and we expect the flattish trend seen over the past
three years to continue into next year, however with quarterly variations.

Navigating this soft market outlook, we focus on optimising operations and
financial performance. We maintain a proactive and disciplined fleet
management strategy, leveraging a flexible operating model to adjust the
active fleet. In the quarter, we have proactively taken steps to conserve
capital and adapt the organisation to the expected activity level. Combined,
these measures are expected to improve free liquidity by more than USD 60
million over the next twelve-month period, with several of the measures
yielding immediate effect. The initiatives are in line with our strategy from
the outset, with Shearwater designed to absorb the inherent short-term
volatility of the seismic industry.

Our strategic direction remains consistent and focused. Longer-term, the oil
and gas industry needs to rebuild reserves to sustain output and support
energy security. This will require increased investments in marine seismic
data acquisition and imaging. Our active role as industry consolidator has
strategically positioned us to scale with demand as client's investments in
seismic data increases, owning a fully invested fleet of high-end seismic
acquisition vessels capable of serving all market segments."

Webcast and conference call
CEO Irene Waage Basili and CFO Andreas Hveding Aubert will today at 15:00 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/9cT5tePx/register

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

Additionally, Shearwater Geoservices Holding AS also published its 2025
half-year report which is available at www.shearwatergeo.com

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
1100 people.

More information:
Access the news on Oslo Bors NewsWeb site

654222_2025 Q2 Shearwater Geoservices AS Group.pdf