Shearwater GeoServices (SHEARWATER) Pareto Securities Energy Conference 2025 presentation summary

Strategic positioning and market overview

• Holds the largest high-end streamer fleet with a global footprint and technology leadership, supporting energy security through seismic services.

• Focuses on commercial innovation, including a capacity reservation agreement with TotalEnergies guaranteeing 18 vessel months of minimum activity.

• Selectively targets prosperous multi-client areas, notably the Pelotas Basin in Brazil and the Orange Basin in Namibia.

Financial performance and liquidity

• Reported EBITDA of $134M for the last 12 months as of Q2'25.

• Deferred two bank loan instalments due in Q3 and Q4 2025 to January 2027, improving near-term liquidity.

• Plans to free up over $60M in liquidity in the next 12 months through measures such as receivables, CAPEX, and cost base adjustments.

Operational innovation and resilience

• Introduced the first combined ROV node deployment and source vessel, enabling continuous operation and $250M revenue over two years post-project pipeline.

• Designed operations to absorb seismic industry volatility and is evaluating long-term capacity requirements.