Shearwater Geoservices has published the second quarter and first half 2026 results. Revenue in the quarter was USD 148.7 million compared to USD 133.8 million in the second quarter of 2025. EBITDA was USD 22.6 million, (USD 11.9 million) reflecting a continued slow marine contract acquisition market in line with expectations.
Key takeaways:
- 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
Irene Basili, CEO of Shearwater, comments on the second quarter results:
'Market conditions for marine contract acquisition has remained soft to date in 2026, which has impacted vessel scheduling and financial performance through the second quarter. Due to few awards in the first half, we anticipate similar activity levels also in the third quarter. However, with the recent increase in the pace of contracting, the outlook towards year-end and visibility into 2027 are improving as we have successfully built backlog which supports consistent utilisation in coming months.
We are particularly encouraged by the recent award of two large 3D surveys in India, adding 15 vessel months to the backlog, securing visibility for two vessels into next year and marking our eleventh consecutive season in this key seismic market.
We continue to benefit from our multi-client business, with another strong quarter of revenue and profit contribution. Operationally, we just completed our third Pelotas Basin season in Brazil and continue to selectively pursue high-quality opportunities. Technologically, we continue to advance our innovation-led offering across both ocean-bottom and streamer acquisition. This summer, we further optimised the Pearl node platform deploying electric ROVs on SW Tasman and successfully demonstrated the early application of Isometrix on North Sea site characterisation surveys.
Over the past year and a half, we have materially reduced the cost base and boosted operational flexibility and efficiency. Recently, we also recapitalised our balance sheet together with our main banks and principal shareholder. This enables us to weather a continued slow market if so needed and positions us to capture a recovery when it comes.
While the very near-term outlook remains subdued, the main drivers of seismic demand – the long-term need for reserve replacement, energy security and sustained exploration investment – continue to strengthen. Encouragingly, we are seeing an increase in tendering activity alongside a growing number of contract awards at improved margins.'
Source: Shearwater
