Shearwater Geoservices AS – Notice of a written resolution and Q1 2026 trading update

Bergen, 19 May 2026: Shearwater Geoservices AS (“Shearwater”, the “Company” and together with its subsidiaries, the “Group”), has today instructed Nordic Trustee AS to summon a written resolution (the “Written Resolution”) for the Company’s senior secured bonds maturing 3 April 2029 with ISIN NO0013182766 (the “Bonds”). The purpose of the Written Resolution is to propose certain amendments to the Bonds (the “Proposal”) in order to improve the Group’s free liquidity and strengthen its financial position. The Proposal includes, inter alia, additional postponement of debt instalments of up to USD 25 million, increase of general basket for disposals from USD 25 million to USD 50 million, and new equity of USD 40 million.

For further background and details on the proposed resolution, including the Proposal, please see attached summons for the written resolution and presentation.

In connection with the Proposal, the Company is providing the following selected preliminary financial figures for the first quarter of 2026:
– Q1 EBITDA of USD 35 million
– 8.7 active vessels during the quarter
– Cash and cash equivalents of USD 94 million at quarter-end
– Backlog of USD 272 million
The figures may be subject to adjustment. Shearwater will publish the first quarter interim report on 29 May.

DNB Carnegie, a part of DNB Bank ASA, acts as advisor (the “Advisor”) to the Company in connection with the Proposal.

For further information, please contact:
Kristian Rådal, Head of Investor Relations, phone: +47 99 23 61 58