Shearwater Geoservices has published its third quarter 2025 results. Revenue was USD 146.5 million compared to USD 178.7 million in the third quarter of 2024. EBITDA was USD 5.2 million, a decrease from the year-ago period (USD 50.6 million) due to lower activity, changed project mix and recognition of expected multi-client revenue delayed to the fourth quarter. The strategic improvement programme launched earlier in 2025 is progressing well with additional initiatives implemented to further reduce cost and improve liquidity.
Key takeaways:
- Financial results impacted by lower activity in muted contract market, as expected
- 68% fleet utilisation across 7.8 active vessels, including two OBN crews
- Advancing cost reduction and efficiency improvement programme
- Mobilising for third multi-client season in Brazil’s Pelotas Basin in Q4
- Significant multi-client revenues expected for Q4, easing the leverage ratio
- Backlog of USD 413 million at the end of Q3 including multi-client commitments
Irene Basili, CEO of Shearwater, comments on the third quarter results:
'As expected, marine seismic acquisition activity remained muted in the third quarter as a continued soft contract market impacted utilisation and profitability. We are adjusting our business to the current market environment, to ensure resilience and flexibility to ramp-up activity when demand picks up again.
We are proud that the SW Tasman and Pearl node platform continues to set industry benchmarks. The current project pipeline secures a streak of more than two years of consecutive contracts for the unique SW Tasman, despite a slow quarter. This achievement highlights our operational and technological leadership and reinforces our ability to deliver added value for clients and shareholders in a competitive OBN market.
In multi-client, we continue to pursue organic investments in a disciplined manner. This has positioned Shearwater as a fully integrated marine seismic provider. In the fourth quarter, we are currently mobilising for a third season of data acquisition over Brazil’s Pelotas Basin, one of the world’s most promising exploration regions.
Our OBN and multi-client business, combined with focused fleet management leveraging our flexible operational model, have mitigated the impact of a softer and more competitive streamer contract market. We remain disciplined even if there are no immediate signs of a near-term demand recovery with current market conditions expected to continue into next year. We are therefore right-sizing the organisation and expanding our cost reduction and efficiency improvement programme, building financial strength through cost discipline and business-enabling actions.
Our strategic direction remains clear and focused. Longer term, the oil and gas industry must rebuild reserves to sustain output and energy security. This will require increased investment in marine seismic acquisition and imaging. We are committed to balancing short-term market volatility while maintaining scalability and flexibility to capture emerging opportunities and deliver long-term value when demand for seismic strengthens again.'
