Shearwater GeoServices (SHEARWATER) Company Presentation summary

Market position and operations

• Operates the largest streamer fleet with 19 vessels and 23 streamer sets, consolidating market presence.

• Focuses on streamer technology and growing OBN (ocean bottom node) market share, with disciplined investments in prosperous basins like Namibia and Brazil.

• Evolving into multi-client services, leveraging strategic partnerships and converted contracts in key regions.

• SW Tasman and Pearl node platforms have set industry benchmarks, achieving over 90% utilization and generating ~$200M revenue in 18 months.

• Built-in operational flexibility allows efficient fleet adjustment to match activity levels, with swing capacity available.

Financial performance and business model

• YTD Q3 2024 revenue reached USD 516M with EBITDA of USD 146M.

• Maintains steady cash generation even at less than half fleet utilization, supported by a diversified capital structure after 2024 debt refinancing.

• Annual debt service is approximately USD 100M, with low maintenance CAPEX requirements.

• Multi-client segment impacts financial ratios differently from contract work, with limited investments in 2024 and a targeted approach for future projects.

• Open market backlog stood at USD 337M at year-end 2024 and USD 333M in February 2025.

Market outlook and strategic positioning

• Positioned to capitalize on long-term oil demand growth, with strong free cash flow potential at current and increased utilization rates.

• Unique operational gearing and swing capacity enable rapid response to market demand shifts.

• Awarded six streamer and three OBN contracts in Q4 2024, supporting future revenue visibility.

• Utilization of active fleet was 50% in Q4 2024, down from 68% in Q4 2023, with 9.9 vessels active.

• Strategic focus on high-value basins and multi-client expansion underpins growth ambitions.