Shearwater announces third quarter 2025 results

28 Nov 2025 08:58 CET

Bergen, 29 August 2025 -- Shearwater Geoservices AS ("Shearwater") today
published its third quarter 2025 results. Revenue was USD 146.5 million
compared to USD 178.7 million in the third quarter of 2024. EBITDA was USD 5.2
million, a decrease from the year-ago period (USD 50.6 million) due to lower
activity, changed project mix and recognition of expected multi-client revenue
delayed to the fourth quarter. The strategic improvement programme launched
earlier in 2025 is progressing well with additional initiatives implemented to
further reduce cost and improve liquidity.

Key takeaways:

* Financial results impacted by lower activity in muted contract market, as
expected
* 68% fleet utilisation across 7.8 active vessels, including two OBN crews
* Advancing cost reduction and efficiency improvement programme
* Mobilising for third multi-client season in Brazil's Pelotas Basin in Q4
* Significant multi-client revenues expected for Q4, easing the leverage ratio
* Backlog of USD 413 million at the end of Q3 including multi-client
commitments

Irene Basili, CEO of Shearwater, comments on the third quarter results:
"As expected, marine seismic acquisition activity remained muted in the third
quarter as a continued soft contract market impacted utilisation and
profitability. We are adjusting our business to the current market
environment, to ensure resilience and flexibility to ramp-up activity when
demand picks up again.

We are proud that the SW Tasman and Pearl node platform continues to set
industry benchmarks. The current project pipeline secures a streak of more
than two years of consecutive contracts for the unique SW Tasman, despite a
slow quarter. This achievement highlights our operational and technological
leadership and reinforces our ability to deliver added value for clients and
shareholders in a competitive OBN market.

In multi-client, we continue to pursue organic investments in a disciplined
manner. This has positioned Shearwater as a fully integrated marine seismic
provider. In the fourth quarter, we are currently mobilising for a third
season of data acquisition over Brazil's Pelotas Basin, one of the world's
most promising exploration regions.

Our OBN and multi-client business, combined with focused fleet management
leveraging our flexible operational model, have mitigated the impact of a
softer and more competitive streamer contract market. We remain disciplined
even if there are no immediate signs of a near-term demand recovery with
current market conditions expected to continue into next year. We are
therefore right-sizing the organisation and expanding our cost reduction and
efficiency improvement programme, building financial strength through cost
discipline and business-enabling actions.

Our strategic direction remains clear and focused. Longer term, the oil and
gas industry must rebuild reserves to sustain output and energy security. This
will require increased investment in marine seismic acquisition and imaging.
We are committed to balancing short-term market volatility while maintaining
scalability and flexibility to capture emerging opportunities and deliver
long-term value when demand for seismic strengthens again."

Webcast and conference call
CEO Irene Waage Basili and CFO Andreas Hveding Aubert will today at 14:00 CET
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/CjhFXSx3/register

Participants can either ask questions to the speakers in writing using the
"Ask a question" form in the Webcast link, or register on the link below to
receive call-id information:

https://event.loopup.com/SelfRegistration/registration.aspx?booking=c0D6b60Xh6ZQ
dM1Mmx8laAM6JxbBo7xnA90NniVRNmQ=&b=2389e96d-457b-46a8-bebb-fec356d5b031

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
1,100 people.

More information:
Access the news on Oslo Bors NewsWeb site

660825_2025 Q3 Shearwater Geoservices AS Group.pdf