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Press Release

Shearwater implements measures to increase balance sheet resilience

2 Jul 2025

With reference to the first quarter report on 28 May 2025.

Bergen, 02 July 2025 – Shearwater Geoservices AS (“Shearwater”) has implemented measures to increase balance sheet resilience in response to the combination of short-term low activity levels and working-capital intensive projects during the second and into the third quarter of 2025, as mentioned in the first quarter report on 28 May.

Measures related to the bank-loan include temporary adjustments of the leverage ratio covenant to 5.00x, deferral of two debt instalments until January 2027, and amendment to the definition of free liquidity to include certain customer receivables from tier-one clients. Shearwater has also implemented a targeted cost reduction program and lowering its’ non business critical growth and maintenance CAPEX. The above initiatives are expected to have a positive impact on Shearwater’s free liquidity over the next twelve months of more than USD 60 million.

For further information:
Andreas Hveding Aubert, CFO, Shearwater Geoservices, phone: +47 48 01 40 70
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 1270 people.