Shearwater GeoServices (SHEARWATER) Pareto Securities' 33rd Annual Energy Conference presentation summary

Market environment and demand trends

• Exploration activity is increasing, with client dialogues indicating higher spending and an improving tender pipeline in both size and quality.

• Energy security concerns are driving decisive actions, replacing previous uncertainty.

• Clients are acquiring twice as much acreage through 2025 compared to the prior five-year annual average.

• Positive margin impact is observed due to increased demand and disciplined capacity management.

• Continued capital expenditure discipline is maintained.

Operational highlights and financials

• Operates the world's largest high-end streamer fleet, with approximately 8 active vessels as of Q2 2026.

• Backlog reached USD 455 million by mid-September 2026, with EBITDA for the last twelve months at USD 108 million.

• Employs around 1,000 people and maintains a global presence.

Backlog growth and project pipeline

• Backlog doubled post-Q2, with streamer backlog at historical highs.

• Secured significant 3D contracts in India and launched a large equatorial margin multi-client survey with a 50/50 partner.

• Debuted a multi-client project on the Norwegian Continental Shelf and continues to see strong demand for unique OBN equipment.