Shearwater GeoServices (SHEARWATER) DNB HY Conference presentation summary

Company overview

• Operates the world's largest fleet of 23 modern marine seismic vessels, enabling efficient global operations across key offshore oil and gas basins.

• Headquartered in Bergen, Norway, with a fully invested platform and high operational gearing for future growth.

• Ownership includes significant equity investment and a convertible shareholder loan, with committed industry-experienced owners.

Financial performance and capital structure

• Q3 2024 revenue was $179M, down from $214M in Q2; Q3 EBITDA was $51M, compared to $80M in Q2.

• Net interest-bearing debt stands at $515M, with $700M in secured debt financing and quarterly debt service of $25M.

• Maintains downside protection with low maintenance CAPEX and limited tax in low-profit scenarios.

Operational highlights and market position

• Q3 saw high activity early, followed by increased idle time; vessel utilization was 61% (11.1 active vessels).

• Backlog at end-November 2024 was around $360M, with several new awards in Q4.

• Demonstrates significant operational flexibility, with the ability to adjust active fleet size efficiently.