Shearwater GeoServices (SHEARWATER) Pareto Securities Energy Conference presentation summary

Strategic direction and investments

• Pursuing a clear, disciplined investment strategy with multiple strategic moves during market downcycles.

• Acts as a market consolidator with the largest streamer fleet and a unique OBN execution platform.

• Focused on technology innovation and disciplined multi-client growth, especially in CCS markets.

Financial performance and capital structure

• Q1 2024 revenue reached $124M, increasing to $214M in Q2.

• EBITDA improved from $15M in Q1 to $80M in Q2.

• Secured $700M in debt financing, including bonds, loans, and credit facilities.

• Quarterly debt service stands at $26M.

Operational flexibility and market positioning

• Maintains significant operational gearing and swing capacity to adjust fleet size efficiently.

• Healthy project pipeline with flexibility to scale operations up or down as needed.

• Highest swing capacity among oil services peers, supporting strong free cash flow potential.