The company has agreed to sell the vessel SW Baret, which will undergo modifications following the sale. The vessel was built in 2012 and has been in lay-up since 2021. Removal of streamer winches and related equipment is part of the planned modifications.
This sale is separate from a previously announced vessel sale memorandum of agreement, for which completion is expected within the second quarter of 2026. Shearwater Geoservices will allocate capital according to its strategic priorities.
The divestment supports the company's efforts to optimise its fleet and allocate resources effectively. The transaction is expected to result in a positive impact on liquidity for Shearwater Geoservices.
Completion of the transaction is anticipated late in the second quarter of 2026, allowing the buyer to convert the vessel into a dedicated source vessel. This conversion will enable the vessel to operate more efficiently and effectively.
The sale price exceeds the vessel's carrying book value, indicating a significant return for Shearwater Geoservices. This gain will contribute to the company's financial performance and overall stability.
Shearwater's decision to sell the SW Baret vessel demonstrates its commitment to strategic planning and capital allocation. The company prioritises resource optimisation in line with its financial priorities.
The sale of the vessel is part of Shearwater Geoservices' ongoing efforts to adapt to changing market conditions and operational demands. This move will enable the company to focus on high-priority projects and initiatives.
Following the completion of the transaction, Shearwater Geoservices can expect a positive impact on its liquidity position. The sale price will be applied in accordance with the applicable mechanisms outlined in the company's bank and bond agreements.
The conversion of the vessel into a source vessel will provide the buyer with a dedicated platform for its operations. This conversion is expected to enhance the efficiency and effectiveness of the vessel's performance.
