Shearwater announces fourth quarter 2025 results

27 Feb 2026 08:02 CET

Bergen, 27 February 2026 -- Shearwater Geoservices AS ("Shearwater") today
published the fourth quarter and preliminary full year 2025 results. Revenue
in the quarter was USD 168.9 million compared to USD 103.5 million in the
fourth quarter of 2024. EBITDA was USD 44.1 million, an increase from the
year-ago period (USD 13.2 million) reflecting several concluded multi-client
sales as anticipated and previously communicated. The strategic improvement
programme launched in 2025 is progressing well with implementation of cost and
efficiency measures on track.

Key takeaways:
· Material Q4 multi-client revenue of USD 48.8 million, supporting
improved financial results
· 67% fleet utilisation across 8.8 active vessels, including two OBN
crews
· Commenced third season of multi-client data acquisition in Pelotas
Basin in Brazil with strong industry funding
· Cost reduction and efficiency programme on track with ~20% reduction
in headcount
· Client discussions are increasingly focused on reserve replacement
· Backlog of USD 316 million at the end of Q4 including multi-client
commitments

Irene Basili, CEO of Shearwater, comments on the fourth quarter results:
"While marine acquisition activity remained low in the quarter, strong
multi client revenues drove a significant improvement in our results,
underscoring the value creation potential of our multi client strategy.

Recent client discussions increasingly emphasise reserve replacement, which is
encouraging for the industry's long term fundamentals. Over time, rebuilding
reserves to sustain production and energy security will require renewed
investment in seismic acquisition and imaging, fully aligned with our
strategic direction. To date, however, this shift has not translated into
increased activity in our tendering pipeline, and we therefore expect the
sideways trending market and competitive landscape to continue into 2026.
Against this backdrop, Shearwater has taken decisive measures to strengthen
liquidity, simplify the organisation, and deliver material cost reduction to
improve cash flow development.

We maintain a leading market position built on disciplined, strategic
investments over recent years, which are now gaining tangible traction. We
continue to strengthen our position in deepwater ocean bottom seismic,
supported by broad client adoption of the Pearl node platform, with the
SW Tasman demonstrating the ability to generate a continuous project pipeline
exceeding 24 months. Our multi client business model remains a key strategic
enabler, having increased backlog, broadened the revenue base, and built a
profitable, cash generative library. Building on this position of strength, we
prioritise growth in the converted contract market while remaining selective
in pursuing high quality multi client investments.

The headcount reductions implemented in 2025, while demanding, were necessary
to streamline the organisation and align the cost base with near term market
conditions. Together with broader cost reduction initiatives, structural
efficiency measures, and continued expansion of our multi client portfolio,
these actions position Shearwater well for a future market recovery and
long term value creation."

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/WhlY2ubO/register
(https://urldefense.com/v3/__https:/events.webcast.no/viewer-registration/WhlY2u
bO/register__;!!BgN1JKhRo9Eh4Q!S6dFLHKhSsRTCbvm-YE7W2tMdgwEGGlwIwPclg2kZSZHzpGUo
88-n3eCiVsmrJR1r2LPVEhAS0aPvM2WRA$)

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=8m7n5grQeM5e
BCRsyI7oGueSCbIeKQQGrYsd6JzRZsI=&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
1,000 people.

More information:
Access the news on Oslo Bors NewsWeb site

667086_2025 Q4 Shearwater Geoservices AS Group.pdf