Shearwater Geoservices AS (锟絊hearwater锟�) published the fourth quarter and preliminary full year 2025 results. Revenue in the quarter was USD 168.9 million compared to USD 103.5 million in the fourth quarter of 2024. EBITDA was USD 44.1 million, an increase from the year-ago period (USD 13.2 million) reflecting several concluded multi-client sales as anticipated and previously communicated. The strategic improvement programme launched in 2025 is progressing well with implementation of cost and efficiency measures on track.
Key takeaways:
- Material Q4 multi-client revenue of USD 48.8 million, supporting improved financial results
- 67% fleet utilisation across 8.8 active vessels, including two OBN crews
- Commenced third season of multi-client data acquisition in Pelotas Basin in Brazil with strong industry funding
- Cost reduction and efficiency programme on track with ~20% reduction in headcount
- Client discussions are increasingly focused on reserve replacement
- Backlog of USD 316 million at the end of Q4 including multi-client commitments
Irene Basili, CEO of Shearwater, comments on the fourth quarter results:
锟絎hile marine acquisition activity remained low in the quarter, strong multi-client revenues drove a significant improvement in our results, underscoring the value-creation potential of our multi-client strategy.
Recent client discussions increasingly emphasise reserve replacement, which is encouraging for the industry锟絪 long-term fundamentals. Over time, rebuilding reserves to sustain production and energy security will require renewed investment in seismic acquisition and imaging, fully aligned with our strategic direction. To date, however, this shift has not translated into increased activity in our tendering pipeline, and we therefore expect the sideways-trending market and competitive landscape to continue into 2026. Against this backdrop, Shearwater has taken decisive measures to strengthen liquidity, simplify the organisation, and deliver material cost reduction to improve cash flow development.
We maintain a leading market position built on disciplined, strategic investments over recent years, which are now gaining tangible traction. We continue to strengthen our position in deepwater ocean bottom seismic, supported by broad client adoption of the Pearl node platform, with the SW?Tasman demonstrating the ability to generate a continuous project pipeline exceeding 24 months. Our multi-client business model remains a key strategic enabler, having increased backlog, broadened the revenue base, and built a profitable, cash-generative library. Building on this position of strength, we prioritise growth in the converted contract market while remaining selective in pursuing high-quality multi-client investments.
The headcount reductions implemented in 2025, while demanding, were necessary to streamline the organisation and align the cost base with near-term market conditions. Together with broader cost-reduction initiatives, structural efficiency measures, and continued expansion of our multi-client portfolio, these actions position Shearwater well for a future market recovery and long-term value creation.锟�