Key Takeaways:
· Soft marine seismic acquisition activity, in line with expectations
· Strong multi-client revenue contribution of $23 million
· 76% fleet utilization across 7.7 active vessels, including one ocean-bottom node (OBN) crew
· Liquidity strengthened with equity contribution, vessel sale, and bank facility amendments
· Backlog increased to $401 million per mid-August, improving visibility into 2027
· Increased tender pipeline indicates improving long-term market fundamentals
Irene Basili, CEO of Shearwater, comments on the second quarter results: “Market conditions for marine contract acquisition has remained soft to date in 2026, which has impacted vessel scheduling and financial performance through the second quarter. Due to few awards in the first half, we anticipate similar activity levels also in the third quarter. However, with the recent increase in the pace of contracting, the outlook towards year-end and visibility into 2027 are improving as we have successfully built backlog which supports consistent utilization in coming months.
“We are particularly encouraged by the recent award of two large 3D surveys in India, adding 15 vessel months to the backlog, securing visibility for two vessels into next year and marking our eleventh consecutive season in this key seismic market.
“We continue to benefit from our multi-client business, with another strong quarter of revenue and profit contribution. Operationally, we just completed our third Pelotas Basin season in Brazil and continue to selectively pursue high-quality opportunities. Technologically, we continue to advance our innovation-led offering across both ocean-bottom and streamer acquisition. This summer, we further optimized the Pearl node platform by deploying electric ROVs on SW Tasman and successfully demonstrated the early application of Isometrix on North Sea site characterization surveys.
“Over the past year and a half, we have materially reduced the cost base and boosted operational flexibility and efficiency. Recently, we also recapitalized our balance sheet together with our main banks and principal shareholder. This enables us to weather a continued slow market if so needed and positions us to capture a recovery when it comes.
“While the very near-term outlook remains subdued, the main drivers of seismic demand—the long-term need for reserve replacement, energy security, and sustained exploration investment—continue to strengthen. Encouragingly, we are seeing an increase in tendering activity alongside a growing number of contract awards at improved margins.”
Webcast and Conference Call
CEO Irene Waage Basili and CFO Andreas Hveding Aubert will on Monday, August 31 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/q8Cydvee/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=i5nICbdiyQ8XnLv4N0YbTpnLSI1iRmBbO1qniwrLJNs=&b=2389e96d-457b-46a8-bebb-fec356d5b031
Additionally, Shearwater Geoservices Holding AS also published its 2026 half-year report, which is available at www.shearwatergeo.com.
