Shearwater announces first quarter 2026 results

29 May 2026 08:01 CEST

Bergen, 29 May 2026 -- Shearwater Geoservices AS ("Shearwater" or the
"Company") today published the first quarter 2026 results. Revenue in the
quarter was USD 120.6 million compared to USD 189.4 million in the first
quarter of 2025. EBITDA was USD 35.7 million, a decrease from the year-ago
period (USD 58.1 million) due to lower fleet utilisation and changes to the
project-mix.

Key takeaways:
· Marine seismic acquisition activity broadly in line with preceding quarters
· Strong multi-client revenue contribution of USD 21.6 million
· 73% fleet utilisation across 8.7 active vessels, including one OBN crew
· Long-term fundamentals beginning to translate into opportunities, but
near-term visibility remains soft
· Proposed amendments to secured debt facilities in May, supported by equity
issue, strengthening liquidity and financial resilience

Irene Basili, CEO of Shearwater, comments on the first quarter results:
"As expected, marine acquisition activity remained muted in the quarter,
mainly due to a slow contract market. We continued to benefit from our
disciplined multi-client build-up, with another quarter of strong revenue and
profit contribution. While segment revenue variability is expected to continue
in 2026, our multi-client model has proven to be a strategic enabler,
supporting backlog, utilisation and a broader revenue base as we build a
profitable, cash-generative data library.
We also continue to strengthen our ocean bottom seismic position, led by the
Pearl node platform. As part of a continuous string of projects over more than
24 months, SW Tasman recently completed its second solo project as a combined
node deployment and source vessel, demonstrating a unique solution that
enhances project economics by removing the need for a standalone source
vessel.

While current market activity remains low, the long-term fundamentals for
marine seismic are strengthening, driven by renewed focus on reserve
replacement and energy security in a shifting geopolitical environment. We see
early signs of this translating into opportunities in key geographic markets,
reflected in our tendering pipeline. Against this backdrop, we are
increasingly optimistic on activity levels from clients picking up, although
we are cautious in terms of when this cascades into our market. Early signs
indicate a step up in activity toward the end of the year, while we are
navigating soft near-term market conditions.

This is reflected in measures taken to ensure resilience through the cycle by
aligning the organisation, cost base and operations to current activity
levels. In April, we announced the sale of SW Baret, which strengthens our
balance sheet and optimise the fleet. We continue to evaluate selective
divestments to reduce leverage and consolidate global streamer supply, while
preserving strategic optionality in the asset base. In parallel, we have taken
steps to strengthen financial flexibility and strategic optionality through
the proposed debt amendments, supported by our relationship banks and
RASMUSSENGRUPPEN.
Through the ongoing measures to strengthen the balance sheet, reduce cost and
realise structural efficiencies, combined with continued expansion of the
multi-client portfolio, we are positioning Shearwater for 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.streamhub.no/viewer-registration/FFFRHkHG/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=toYtNippLnhs
GrKDQ7lSacbI8UKDamM2u6eZ0pX3v1A=&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

674864_2026 Q1 Shearwater Geoservices AS Group.pdf