Bergen, 12 March, 2024

Shearwater GeoServices Holding AS (Shearwater) has been awarded a contract for advancing Carbon Capture and Storage (CCS) capabilities in the United Kingdom by Spirit Energy. The project in the Morecambe Bay area confirms Shearwater's position as a leading provider of CCS enabling geophysical data.

The six-week operation is scheduled for the summer of 2024 and will be Shearwater’s fifth CCS survey in the last two years. It relates to Spirit Energy’s recent carbon storage license award by the UK’s North Sea Transition Authority (NSTA). The license is a key step forward in transforming the North and South Morecambe gas fields into permanent, safe, and secure carbon storage, supporting the United Kingdom’s Net Zero ambition to capture and store over 50 million tonnes of CO2 per year by 2035.

"We are proud to support Spirit Energy on the Morecambe CCS hub. By applying our innovative data collection and imaging technology to help operators gain a better understanding of their storage sites we support deployment of CCS at scale. CCS has been identified as a key mitigation measure for climate change but deployment at scale remains the challenge. We are leveraging our expertise and our marine seismic technology to meet this challenge in order to build a more sustainable future."

Tanya Herwanger, SVP of Strategy and New Markets of Shearwater

For further information:

Kristian Rådal, Investor Relations Manager, phone: +47 99 23 61 58

About Shearwater GeoServices Holding AS:

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 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 headquarter is in Bergen, Norway, with more facilities all around the globe. The company employs around 1200 people.