Shearwater agrees to sell SW Baret at premium to book value

24 Apr 2026 15:48 CEST

Bergen, Norway, 24.04.2026 -- Shearwater Geoservices AS ("Shearwater") has
through one of its wholly owned subsidiaries entered into an agreement for the
sale of the 2012-built vessel SW Baret. The vessel is being sold to an
undisclosed party for conversion to a dedicated source vessel.

The agreed sales price for the vessel and associated equipment exceeds the
carrying book values, and the transaction is therefore expected to result in a
sales gain in Shearwater's accounts. The transaction is also expected to have
a positive impact on Shearwater's liquidity. Completion of the sale is
expected late in the second quarter 2026.

"The divestment supports Shearwater's ongoing work to optimise the fleet and
to allocate capital in line with our strategic and financial priorities. Net
proceeds from the transaction will be applied in accordance with the
applicable mechanisms outlined in Shearwater's bank and bond agreements," said
Andreas Hveding Aubert, the CFO of Shearwater.

Upon completion of the transaction, SW Baret will undergo modifications to
support the future operational profile as a source vessel, including the
removal of streamer winches and associated streamer-related equipment. The
transaction includes divestment of selected source equipment. The SW Baret has
been in lay-up since 2021.

The agreement to sell the SW Baret is a separate transaction to the Memorandum
of Agreement ("MOA") related to a vessel sale communicated in the fourth
quarter 2025 earnings call. Shearwater expects a conclusion on the MOA within
the second quarter of 2026.

For further information:
Andreas Hveding Aubert, CFO, phone +47 480 14 070
Kristian Rådal, Head of IR, phone +47 992 36 158

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.

This information is information that Shearwater GeoServices is obliged to make
public pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the contact persons set out
above, at 2026-04-24 15:48 CEST.

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