Highlights Q4 2024:
- Decreased streamer acquisition activity through the quarter in line with expectations
- Successful completion of expanded India OBN survey and mobilisation of the SW Tasman/Pearl node platform to consecutive West Africa contracts
- Mobilising for second Pelotas Basin multi-client 3D acquisition season in Brazil, capitalising on successful 2024
- Year-end contract backlog of USD 337 million following high tender and award activity
- Limited visibility of whether recent year-over-year increase in tender activity will continue throughout the year
Irene Basili, CEO of Shearwater, comments on the fourth quarter results:
'Marine seismic acquisition activity was muted towards year-end extending the weaker-than-expected 2024 market. This was also reflected in the fourth quarter financial performance. Still, the pace of contract awards was encouraging, with three new OBN- and six new streamer-contracts, supporting visibility into the first quarter of 2025.
Several contracts delayed in 2024 are moving ahead, adding to the underlying market demand. While these signs are positive, our outlook remains influenced by our client’s continued cautiousness and capital discipline. Therefore, we cannot assume that the year-over-year increase in activity at the start of 2025 will continue. That said, we are well positioned to benefit from a tighter market as an industry consolidator with available swing capacity and technology leadership.
Our unique OBN platform, comprising SW Tasman and the Pearl node, has since completion of contracts in India, moved to West-Africa for several consecutive projects. At completion of current contract pipeline, the SW Tasman/Pearl kit will have had about 18 months of consecutive operations since January 2024.
Shearwater maintains an opportunistic yet disciplined multi-client strategy. At year-end, we were mobilising for our second season of multi-client acquisition over the attractive Pelotas Basin in Brazil to respond to key clients’ interests after our successful 2024 season, by that further strengthening our position within the multi-client segment.
We remain focused on optimising operations and financial performance amid demand fluctuations, by proactively adjusting our active fleet. This includes evaluating optimal size and capacity of Shearwater’s total fleet. The uptick in tenders and awards provides ample room for industry discipline to ensure long-term sustainable rates and for us to position for delivering efficient operations, improved fleet utilisation and solid results.'
Source: Shearwater
