Shearwater Geoservices has published its first quarter 2025 results. Revenue was USD 189.4 million compared to USD 123.4 million in the first quarter 2024. EBITDA was USD 58.1 million compared to USD 15.1 million in the first quarter 2024.
Key takeaways:
- Strong operational performance in line with expectations
- Record-high 94% utilisation for the active fleet of nine vessels
- Signed innovative global capacity reservation agreement with TotalEnergies
- Awarded major ExxonMobil OBN survey in key production asset in Guyana
- Backlog increased to USD 400 million at end-March
- Proactively optimising capacity and utilisation to match expected softer short to medium term
Irene Basili, CEO of Shearwater, comments on the first quarter results:
'We delivered strong operational and financial results for the first quarter of 2025 with record-high 94% fleet utilisation and good cash generation. This reflects higher activity coming into 2025 as expected and diligent execution of Shearwater’s operational model with continuous matching of active vessels to the underlying market conditions.
'We also recognised material commercial wins led by the industry-first three-year capacity reservation agreement with TotalEnergies and we were awarded a large 4D ocean bottom node (OBN) survey for ExxonMobil in Guyana. Both reflect our focus on innovation and disciplined growth.
'The aggregate marine seismic market is expected to follow the same trend line as the past three years. However, the visibility for the coming quarters remains low due to fewer contracts awarded for the mid-year period and we will align active vessels with demand. Oil and gas (E&P) companies’ investment budgets continue to reflect geopolitical uncertainty and market volatility, while capital discipline remains in focus. In response to the prevailing market dynamics, we are proactively assessing costs and investment levels to optimise cash flow. Considering the market outlook for the mid-year and due to higher working capital requirements resulting from back-end loaded payment terms with several clients, we have proactively initiated dialogue with key stakeholders to ensure balance sheet resilience.
'Longer term, our ambitions are unchanged. The oil and gas exploration and production industry will need to invest more in marine seismic data acquisition, processing and imaging to rebuild reserves, maintain production and ensure energy security. In light of this, despite current short-term volatility, the tender pipeline is encouraging and is expected to support continued sustainable margins.
'Against this backdrop, we focus on building a resilient Shearwater. Our high-end asset portfolio and in-house technology platform are competitive strengths, enabling us to leverage streamer market leadership to grow within the OBN and multi-client segments in a disciplined manner.'
Source: Shearwater
