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Press Release

Shearwater agrees to sell SW Baret at premium to book value

24 Apr 2026

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.