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SHEARWATER GEOSERVICES AS SECOND QUARTER 2026 PRESENTATION Disciplined execution Seismic matters
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Irene Waage Basili CEO Andreas Hveding Aubert CFO SPEAKERSAGENDA Shearwater Geoservices AS 2026 Q2 Presentation | 31 August 2026 • Key takeaways • Operational update • Financial update • Outlook • Summary • Q&A 2
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Cautionary note regarding forward-looking statements This presentation contains forward-looking statements and information which are subject to uncertainty and assumptions based on information available to Shearwater. All statements in this presentation that are not of historical facts should be considered as forward-looking and the actual outcome of such statements can be significantly different than indicated herein. Forward-looking statements and information are given only at the time of the presentation and Shearwater does not undertake to give any updates, corrections or guidance on the actual outcome. The Company can not give any security that the forward-looking statements will come to pass, and investors are warned not to place any undue dependence on the forward-looking statements given in this presentation. Un-audited 2026 information and numbers are unaudited as of the date of this presentation. Alternative performance measures (APM’s) and operational measures This presentation contains Alternative Performance Measures (APM’s) as well as certain operational measures. These measures may be determined or calculated differently by other companies. Shearwater’s definitions of these measures is disclosed in the company’s Q2 2026 Report. • APM’s: EBITDA, free cash flow, net interest-bearing debt (NIBD) and backlog. • Operational measures: active vessels and fleet utilisation rate. 3 DISCLAIMER
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KEY TAKEAWAYS 4 Backlog USD million EBITDA USD million NIBD / EBITDA last 12 months • Soft marine seismic acquisition activity, in line with expectations • Strong multi-client revenue contribution of USD 23 million • 76% fleet utilisation across 7.7 active vessels, including one OBN crew • Liquidity strengthened with equity contribution, vessel sale and bank facility amendments • Backlog increased to USD 401 million per mid-August, improving visibility into 2027 • Increased tender pipeline indicates improving long-term market fundamentals 12 5 44 36 23 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 319 413 316 272 213 401 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26Aug'26 4.1 6.1 4.6 5.3 4.3 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Multi-client commitments included in backlog from Q3'25. Backlog figures from earlier periods are not restated. NIBD/EBITDA (LTM) covenant suspended from Q2 2026
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OPERATIONAL UPDATE 5 Fleet utilisation rate of active vessels Active vessels and total fleet Active vessels Total fleet 8.1 7.8 8.8 8.7 7.7 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 23.0 23.0 23.0 23.0 22.6 78% 68% 67% 73% 76% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 • Utilisation trending sideways amid disciplined fleet allocation • Completed season three of Pelotas Basin multi-client acquisition in Brazil • Proactively aligning capacity with demand to protect margins • SW Baret divested at premium to book value, additional sales processes ongoing • USD 40 million annual cost reductions on track with all initiatives in execution
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Q3'26 COMMERCIAL UPDATE 6 TRINIDAD & TOBAGO 3D survey MULTI-CLIENT activity OBN activity Streamer activity • Streamer contracts in Trinidad & Tobago, Australia and the North Sea • Mobilising for large ONGC campaigns in India • Continued strong demand for upgraded SW Tasman+Pearl platform • Early application of Isometrix to North Sea site characterisation • Recent improvement in margins after multi-year period of price pressure NORTH SEA 3D survey ATLANTIC MARGIN 2D survey AUSTRALIA 3D survey INDIA 3D surveys NORTH SEA Site surveysNORTH SEA 3D survey NORTH SEA 3D survey
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EARNINGS 7 Segment EBITDA USD million Q2'26 Q2'25 EBITDA USD million EBITDA margin USD million Q2'26 Q2'25 YTD'26 YTD'25 FY'25 Total revenue and other income 148.7 133.8 269.3 323.3 638.6 Cost of sales 116.9 118.2 190.2 240.2 482.6 Depreciation, amortisation and impairment 33.4 31.0 67.4 68.3 148.8 Sales, general and administration cost 9.2 3.7 20.8 13.1 36.8 Other losses (gains) net 1.8 5.2 1.5 2.1 10.5 Total operating expenses 161.3 158.2 279.9 323.7 678.6 Operating profit (EBIT) -12.6 -24.3 -10.5 -0.5 -40.0 Net financial items -17.4 -14.5 -34.4 -28.1 -58.9 Net income before taxes -30.0 -38.8 -44.9 -28.6 -99.0 Tax expenses (estimated) -0.5 -0.4 3.6 0.9 7.6 Net income -29.5 -38.4 -48.5 -29.5 -106.6 11.9 5.2 44.1 35.7 22.6 Q2'25Q3'25Q4'25Q1'26Q2'26 9% 4% 26% 30% 15% Q2'25Q3'25Q4'25Q1'26Q2'26 2.1 23.0 0.7 -3.2 19.9 0.0 2.2 -10.3 Marine acquisition Multi-Client SPI Other
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CASH FLOW 8 Changes in cash and cash equivalents in Q2'26 USD million Free liquidity USD million Cash ex tied up capital Free cash flow USD million Undrawn credit facility 94 23 -11 -2 5 6 17 132 Opening balance EBITDACAPEX Multi- Client Working Capital Items Net CF from financing Other Closing balance 129 -9 20 8 51 4 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Free liquidity at 30 June 2026 consists of cash and cash equivalents less the cash in the disposal account following the sale of SW Baret
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225 25 50 50 100 300 300 50 50 30 Jun'26 Remaining 2026 2027* 2028 2029 FINANCIAL POSITION 9 NIBD / EBITDA last 12 months Equity ratio Secured interest-bearing debt facilities USD million 575 500 450 0 Remaining principal Bank debt Bond loan RCF Net interest-bearing liabilities (NIBD) at 30 Jun'26 USD million See Q2 2026 Report Note 5 for specification of Total Debt *The Other column comprises accrued interest and the effect of amortisation. Excluding shareholder loan which has been converted to equity early July 2026. Closing balance of the remaining principal amount Maturity profile 4.1 6.1 4.6 5.3 4.3 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 40% 38% 35% 34% 35% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 575 9 584 51 635 -132 -40 463 Principal Other* Secured UnsecuredTotal debt Cash Shareholder loan NIBD *Two instalments for 2027 have been postponed to maturity in 2029 NIBD/EBITDA last twelve months is suspended from covenant calculation as from Q2 2026. See Note 5 to the Q2 2026 quarterly report for more information. 550 Equity-ratio includes shareholder loan as part of equity in the calculation
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STRENGTHENING FREE LIQUIDITY & FINANCIAL POSITION 10 Capital structure strengthened with support from main shareholder and relationship banks • Equity injection of USD 40 million • SW Baret divestment • USD 25 million of bank debt amortisation postponed to maturity • Covenants amended to better align to cash flow profile Liquidity outlook materially improved • Increased financial flexibility and reduced near- to medium-term debt service Capital structure amendments, USD million
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11 12-month rolling value of opportunities (contract market) OUTLOOK Streamer OBN Q1'18Q2'18Q3'18Q4'18Q1'19Q2'19Q3'19Q4'19Q1'20Q2'20Q3'20Q4'20Q1'21Q2'21Q3'21Q4'21Q1'22Q2'22Q3'22Q4'22Q1'23Q2'23Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Aug'26 0 100 200 300 400 500 600 • Longer-term fundamentals remain constructive, as we see increased exploration focus amongst clients • Q3 2026 activity expected to remain soft due to limited project awards in H1 2026 • Recent awards support higher activity from Q4 into 2027 • Improving opportunity pipeline, but tender conversion remains below recovery levels • Indian government (DGH) programme could absorb meaningful global capacity • Continued momentum in multi-client business, entering into the Norwegian Continental Shelf • Cost and fleet management discipline to support value creation in improving market Backlog USD million Streamer OBN and Hybrid Q2'21Q3'21Q4'21Q1'22Q2'22Q3'22Q4'22Q1'23Q2'23Q3'23Q4'23Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25Q1'26Q2'26Aug'26 0 500 1,000 1,500 2,000 2,500 3,000 USD million
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SUMMARY 12 • Recent project awards support higher activity towards end of the year and into 2027 • Improvement in margins demonstrated in recent material awards • Benefiting from organically built multi-client business • Continued strong demand for unique SW Tasman+Pearl platform in fragmented OBN market • Increased financial flexibility
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Q+A 13 Q3 2026: 27 Nov 2026 Shearwater reserves the right to make changes to the financial calendar Kristian Rådal, Head of Investor Relations, T: +47 99 23 61 58 ir@shearwatergeo.com Financial calendar Investor relations contact