Disclosure Devil - Summary

Shearwater in brief 2 Q3 2025 Report Shearwater is a global marine geoscience and technology business that specialises in collecting data offshore. The organisation uses state-of- the art seismic vessels and equipment to explore beneath the seabed and processes the data using market-leading proprietary software. These insights help clients understand the Earth and make informed decisions about accelerating responsible use of its resources. Shearwater’s headquarters is in Bergen, Norway, with more facilities all around the globe. The company employs around 1,100 people. CONTENTS Key insights Key takeaways 4 CEO Comment 5 Key figures 6 Progress Operational review 7 Financial review 8 Market and outlook 9 Board's approval 10 Results Interim financial statements 11 Selected notes 17 Appendix Alternative performance measures 25 Corporate overview and investor information 27 Shearwater Geoservices AS Contents Key insights Progress Results Appendix 3 Q3 2025 Report KEY INSIGHTS 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 Shearwater Geoservices AS Contents Key insights Progress Results Appendix 4 Q3 2025 Report REVENUE USD 146.5M compared to USD 178.7 million in Q3 2024 EBITDA USD 5.2M compared to USD 50.6 million in Q3 2024 EBIT USD -24.5M compared to USD 13.6 million in Q3 2024 CEO Comment "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." - Irene Waage Basili, CEO of Shearwater Geoservices AS Shearwater Geoservices AS Contents Key insights Progress Results Appendix 5 Q3 2025 Report Key figures Quarter ended Year to date Year Ended Unit 30 Sep 2025 30 Sep 2024 30 Sep 2025 30 Sep 2024 31 Dec 2024 Operating revenue USD million 146 179 470 516 620 EBITDA (1) USD million 5 51 75 146 159 EBITDA margin (1) 4% 28% 16% 28% 26% EBIT USD million -24 14 -25 41 17 Net income before taxes USD million -40 -2 -69 -11 -48 Net income USD million -40 -1 -70 -14 -53 Cash flow from operations USD million 27 85 96 93 92 Free cash flow (1) USD million 20 64 56 34 9 Cash and cash equivalents USD million 81 94 81 94 49 Net Working Capital USD million 136 161 136 161 129 Net Interest-bearing Debt (1) USD million 541 515 541 515 554 Total Assets USD million 1,235 1,266 1,235 1,266 1,258 Book Equity USD million 464 573 464 573 533 Book Equity Ratio % 38% 45% 38% 45% 42% NIBD / EBITDA last 12 months 6.1 3.1 6.1 3.1 3.5 Backlog (1) USD million 413 239 413 239 337 Fleet Utilisation Rate % (2) 68% 61% 80% 68% 63% Active vessels (3) 7.8 11.1 8.3 9.8 9.8 (1) Refer to definition in the Alternative Performance Measures-section (2) Shearwater's owned fleet working on and/or transiting to a contract/Multi-Client work as a percentage of the active vessels (3) Active vessels include all owned vessels that are not warm or cold stacked. Shearwater Geoservices AS Contents Key insights Progress Results Appendix 6 Q3 2025 Report Fleet Utilisation Rate 61% 50% 94% 78% 68% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 EBITDA USD million 51 13 58 12 5 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Active vessels 11.1 9.9 9.0 8.1 7.8 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 PROGRESS Operational review As expected, marine seismic streamer activity in the third quarter of 2025 reflected few contracts awarded for the summer season, impacting fleet scheduling and profitability. In the quarter, Shearwater operated an average of 7.8 active vessels compared to 8.1 active vessels in the second quarter of 2025 and 11.1 in the third quarter of 2024. The sequential decline reflects Oceanic Sirius warm-stacked throughout the quarter, partly offset by the reactivation of the Amazon Conqueror. Utilisation of the active fleet was 68% compared to 78% in the previous quarter and 61% in the year-earlier period. The streamer contract mix was in line with expectations. The Oceanic Vega completed the 4D survey for Petrobras early in the quarter before steaming to West Africa. The SW Duchess, on the same survey, demobilised mid-quarter to Las Palmas. In the North Sea, the Amazon Conqueror completed a one-month 4D contract for Equinor. The vessel was reactivated for the survey which offered attractive returns and to ensure availability of Isometrix technology for future demand. Finally, the SW Empress completed a two-month 3D contract for TotalEnergies in São Tomé and Príncipe. Two OBN crews were active during the quarter. In Guyana, the high-end streamer vessel Amazon Warrior operated as a source alongside a chartered ROV OBN unit for ExxonMobil’s 4D survey, demonstrating Shearwater's ability to deploy a versatile fleet across globally dispersed opportunities and deliver operational excellence. The project started in the second quarter and is scheduled for completion towards year-end. In August, the SW Tasman and Pearl node platform, supported by the SW Gallien as source, started a two-month contract in Angola for ExxonMobil in continuation of previous consecutive surveys for TotalEnergies. In the Multi-Client segment, the Oceanic Vega and the SW Empress acquired 2D data off the coast of West Africa. The programme has industry support. In the fourth quarter, the SW Empress has mobilised to Brazil for a third season of wide tow multi-client streamer acquisition over the Pelotas Basin. Building on the success of the previous Pelotas Basin campaigns, the survey will be conducted in partnership with Searcher Seismic, with solid industry funding. Shearwater adheres to a focused multi-client strategy with strict risk and return criteria, expanding selectively through strategic partnerships. As segment activity has increased in magnitude, multi-client commitments are included in the backlog from the end of the third quarter. Backlog figures from earlier periods are not restated. At 30 September 2025, the backlog, including multi-client commitments, was USD 412.5 million, compared to USD 319.0 million at the end of the previous quarter. This compares to USD 239.1 million at 30 September 2024. In August, Shearwater was awarded the first deepwater ocean-bottom node project offshore Ghana for Tullow. The two-month survey is currently being executed by the SW Tasman and the Pearl node platform, following recent successful OBN deployments in Côte d’Ivoire and Angola. Recently, Shearwater announced a two-month 4D OBN contract for a Shell operated field off the west coast of Sabah, Malaysia. The contract, included in the backlog since the second quarter of 2025, is scheduled for execution in early 2026 using the SW Tasman in a single-vessel configuration, performing both node deployment and seismic source operations. Upon completion, SW Tasman will have delivered more than two years of consecutive projects. In September, Shearwater signed a seven vessel-months streamer contract with Oil India Ltd. Execution of the combined 2D and 3D survey with the SW Bly and the Oceanic Sirius commenced in the fourth quarter. In November, the SW Bly experienced a streamer incident while conducting its 3D scope of the survey. Leveraging Shearwater's flexible fleet and streamer pool, measures have been implemented to minimise operational and financial implications. Shearwater maintains disciplined fleet management, leveraging a flexible operating model to optimise operations and financial resilience amid a continued challenging market. The cost reduction and efficiency improvement programme launched earlier this year is progressing to plan and supports alignment of the organisation with current and anticipated market conditions. There were three recordable HSE incidents in the third quarter of 2025, of which none were high potential. This compared to one recordable HSE incidents in the same period of 2024, which was not recorded as high potential. Shearwater Geoservices AS Contents Key insights Progress Results Appendix 7 Q3 2025 Report Q3 financial review - IFRS Profit and loss Total revenue in the third quarter of 2025 was USD 146.5 million, a decrease of 18% from USD 178.7 million in the year-ago period. Marine Acquisition represented 86% (95%) of the revenue, the Multi-Client segment 8% (0%) and the Software, Processing & Imaging (SPI) 6% (4%). Total operating expenses were USD 171.0 million compared to USD 165.1 million in the same period of 2024. EBITDA was USD 5.2 million compared to USD 50.6 million a year earlier. Depreciation, amortisation and write-down were USD 31.2 million compared to USD 36.1 million in the year-ago-period. Amortisation of the multi-client library was USD 1.7 million (USD 0 million in the year-ago period). EBIT was negative USD 24.5 million compared to positive USD 13.6 million in the same quarter last year. Net loss before taxes was USD 40.1 million compared to a loss of USD 2.4 million in the third quarter of 2024. Tax expense was USD 0.3 million compared to a tax income of USD 1.1 million a year earlier. The net loss for the quarter was USD 40.4 million compared to a net loss of USD 1.3 million a year earlier. Cash flows Net cash flow from operating activities was positive USD 27.2 million compared to positive USD 85.3 million in same period last year. The difference between net cash flow from operations and EBITDA in the quarter reflects working capital items. Working capital may fluctuate significantly depending on fleet status, project mix, the timing of accounts receivable and accounts payable settlements, and timing of seasonal transits. Net cash flow used in investing activities was USD 6.6 million compared to USD 20.8 million a year earlier. To conserve capital in light of the current market outlook, the Group has introduced measures under its previously communicated cost reduction and efficiency improvement programme to reduce non-business-critical maintenance and limit growth investments. Consequently, capital expenditures were USD 1.8 million in the quarter, compared to USD 11.0 million in the year-ago period. Investments in multi-client library were USD 4.8 million, compared to USD 9.8 million in the year-ago quarter. Net cash flow from financing activities was positive USD 13.5 million, mainly reflecting drawdown on the revolving credit facility, partly offset by interest costs. This compares to net cash flow from financing activities of negative USD 51.1 million in the third quarter of 2024. As communicated this summer, the Group has agreed with the bank syndicate to defer the loan instalments for the third and fourth quarter of 2025 to the first quarter of 2027. Net increase in cash holdings for the quarter was USD 34.1 million compared to an increase of USD 13.5 million a year earlier. Financial position At 30 September 2025, total assets amounted to USD 1,234.9 million compared to USD 1,253.1 million at 30 June 2025 The value of the multi-client library (net of amortisation) increased from USD 43.5 million at 30 June 2025 to USD 46.9 million at 30 September 2025. Tangible assets was USD 887.0 million. This compares to USD 914.2 million at 30 June 2025. Current assets increased from USD 278.6 million at 30 June 2025 to USD 285.1 million at 30 September 2025. Cash holdings at 30 September 2025 were USD 80.5 million compared to USD 48.2 million at 30 June 2025. Book equity was USD 463.5 million, corresponding to an equity ratio of 38%. This compares to USD 504.0 million and 40% at 30 June 2025. At 30 September 2025, the Group’s total interest-bearing debt was USD 621.7 million compared to USD 594.6 million at 30 June 2025. Net interest-bearing debt (NIBD) was USD 541.1 million compared to USD 546.4 million at 30 June 2025. Shearwater’s debt financing is comprised primarily of secured bank facilities and an issued bond. Shearwater has previously communicated an expectation for significant multi-client revenues in the second half of 2025, however with uncertainty related to timing of recognition. The majority of the expected segment revenues for the second half of 2025 will impact the fourth quarter of the year. The late revenue recognition impacted third-quarter Group EBITDA negatively and the leverage ratio (net interest-bearing debt over rolling twelve-month EBITDA) at period-end exceeded the 5.0x covenant limit in the bank facility. The bank facility has remained classified as non-current liabilities at 30 September 2025, see Note 5 for more information. Shearwater has obtained a covenant waiver from the bank syndicate for the Q3 quarter-end financial covenant test. Shearwater has remained in compliance with all its financial covenants under the bond facility agreement. Shearwater Geoservices AS Contents Key insights Progress Results Appendix 8 Q3 2025 Report To date in the fourth quarter, more than USD 30 million of multi-client revenues, primarily related to the Pelotas data library, have been recognised to the income statement, which is anticipated to ease the leverage ratio at year-end. Market and outlook In the fourth quarter, the Marine Acquisition segment activity is expected to be broadly in line with that of the third quarter. Shearwater expects the increase in multi-client revenues to provide financial headroom into the winter season. Shearwater continues to pursue a disciplined multi-client strategy, maintaining strict risk and return thresholds. To date, approximately 10,000 sq. km of seismic data has been acquired in the Pelotas Basin offshore Brazil and additional coverage is targeted, supported by solid industry backing. Currently, the SW Empress is mobilising for the third acquisition season over this increasingly important area for hydrocarbon exploration. It has geological links to Namibia’s Orange Basin where Shearwater has demonstrated the value-creation potential of its multi-client approach. Shearwater’s long-term outlook and strategic commitment stands firm, supported by advanced seismic solutions that deliver global energy security, affordability, sustainability and stakeholder value. Recent public statements by industry majors signal intent to increase budgets for frontier exploration in the coming years, though timing remains uncertain. To meet rising energy demand and strengthen energy security, international majors and national oil companies must address years of underinvestment, which remains a concern amid ongoing geopolitical and macroeconomic uncertainty. While these factors shape Shearwater's long-term investment priorities and operational planning, there are no clear signs of a near-term market recovery as clients continue to exercise caution and defer upstream investments. Against this backdrop, the Group remains disciplined, leveraging Shearwater’s flexible operational model and its three-year, minimum 18-vessel-month streamer capacity agreement with TotalEnergies. This is complemented by the industry-leading Pearl node platform and an expanding multi-client portfolio, positioning Shearwater to strengthen profitability in a subdued market. Safeguarding the ability to deliver long-term value is a key priority of Shearwater. Earlier this year, the Group launched a cost reduction and efficiency improvement programme, focused on optimising the cost base, reducing capital expenditure and enhancing free liquidity. Combined, these measures were initially expected to improve liquidity by more than USD 60 million by mid-2026. Building on these initiatives, additional optimisation measures are being implemented to streamline the organisation. These actions are expected to enhance free liquidity by approximately USD 20 million annually, contributing to total cost base reductions towards USD 40 million per year. Shearwater has already begun realising initial savings, with further cost reduction targets currently being rolled out. Full impact on the cost base is anticipated during the first half of 2026. Other initiatives, such as potential vessel divestments, are progressing and would support fleet optimisation and scalability for when demand for marine seismic data acquisition increases. Shearwater’s strategic direction remains clear and focused, underpinned by a strong operational platform and proactive steps to build a scalable business and sustain profitability in the current market environment. The Group is well positioned to support global energy security and to benefit from the long-term expected increase in demand for marine seismic data to support exploration and production optimisation. Shearwater Geoservices AS Contents Key insights Progress Results Appendix 9 Q3 2025 Report Board's approval Condensed consolidated financial statements and interim management report Today, 27 November 2025, the Board of Directors and the Chief Executive Officer have reviewed and approved the Shearwater Geoservices AS’ condensed consolidated financial statements and the management report for the nine months period ending 30 September 2025. Bergen, 27 November 2025 The Board of Directors and Chief Executive Officer of Shearwater Geoservices AS Shearwater Geoservices AS Contents Key insights Progress Results Appendix 10 Q3 2025 Report RESULTS Interim financial statements (IFRS) Condensed consolidated financial statements Profit or loss 12 Comprehensive income 12 Financial position 13 Cash flow 15 Changes in equity 16 Selected notes Note 1: Basis for accounting and accounting estimates 17 Note 2: Revenue and segment information 18 Note 3: Specification cost of sales 22 Note 4: Tangible, non-current assets 22 Note 5: Long-term debt/liabilities 23 Note 6: Taxes 24 Note 7: Subsequent events 24 Shearwater Geoservices AS Contents Key insights Progress Results Appendix 11 Q3 2025 Report CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS The Shearwater Geoservices AS Group Quarter ended Year to date Year ended (In thousands of USD) Notes 30 Sep 2025 30 Sep 2024 30 Sep 2025 30 Sep 2024 31 Dec 2024 Total revenue and other income 2 146,496 178,749 469,749 516,320 619,821 Operating expenses Cost of sales 3 131,789 119,400 371,950 344,955 426,685 Depreciation, amortisation and write-down 4 31,167 36,113 99,471 105,305 144,598 Sales, general and administration cost 9,514 8,720 22,643 25,556 34,093 Other losses (gains) net (1,513) 893 637 (470) (2,673) Total operating expenses 170,958 165,126 494,700 475,346 602,703 Operating profit (EBIT) (24,462) 13,623 (24,952) 40,974 17,117 Financial income (207) 666 1,717 2,105 3,225 Financial expenses (15,393) (16,731) (45,379) (54,101) (68,669) Net financial items income/(expenses) (15,600) (16,065) (43,662) (51,996) (65,444) Net income before taxes profit/(loss) (40,062) (2,442) (68,614) (11,022) (48,326) Taxes 6 316 (1,106) 1,257 3,049 5,088 Net income profit/(loss) (40,378) (1,336) (69,871) (14,071) (53,414) CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME The Shearwater Geoservices AS Group Quarter ended Year to date Year ended (In thousands of USD) Notes 30 Sep 2025 30 Sep 2024 30 Sep 2025 30 Sep 2024 31 Dec 2024 Net income for the period (40,378) (1,336) (69,871) (14,071) (53,414) Other comprehensive income Items which may be reclassified over profit and loss in subsequent periods Exchange differences on translation of foreign operations (96) 178 132 178 104 Other comprehensive income for the period (96) 178 132 178 104 Total comprehensive income for the period (40,473) (1,158) (69,739) (13,893) (53,310) The above unaudited condensed consolidated statement of profit or loss and unaudited consolidated statement of comprehensive income should be read in conjunction with the accompanying notes. Shearwater Geoservices AS Contents Key insights Progress Results Appendix 12 Q3 2025 Report CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION ASSETS Goodwill 3,267 3,267 3,267 Multi-Client Library 46,946 20,290 25,023 Intangible assets 9,985 20,864 18,446 Deferred tax asset 6 2,330 670 2,039 Total Intangible Assets 62,528 45,091 48,775 Vessel and marine equipment 4 799,421 882,730 865,372 Seismic equipment and other equipment 4 78,211 82,632 84,270 Right-of-use assets 4 7,674 8,298 7,578 Manufacturing equipment 4 1,699 2,050 1,961 Total Tangible Assets 887,005 975,709 959,181 Investments in shares 350 350 350 Total Financial Non-Current Assets 350 350 350 Total Non-Current Assets 949,884 1,021,151 1,008,307 Other current assets 54,841 36,220 60,561 Trade receivables 109,420 96,002 108,536 Other receivables 40,251 18,512 31,282 Cash and cash equivalents 80,550 93,784 49,296 Total Current Assets 285,061 244,518 249,676 Total Assets 1,234,945 1,265,669 1,257,982 The Shearwater Geoservices AS Group Quarter ended Year ended (In thousands of USD) Notes 30 Sep 2025 30 Sep 2024 31 Dec 2024 Shearwater Geoservices AS Contents Key insights Progress Results Appendix 13 Q3 2025 Report EQUITY AND LIABILITIES Share capital 10,653 10,653 10,653 Share premium 621,190 621,190 621,190 Retained earnings (168,299) (58,414) (98,550) Total Equity 463,544 573,429 533,293 Deferred tax liability 6 757 - 760 Long-term debt 5 555,560 528,140 531,484 Lease liabilities 5 6,377 7,114 6,542 Total Long-Term Liabilities 562,694 535,254 538,787 Current portion of long-term debt 5 37,500 50,000 50,000 Short-term debt 5 19,993 21,424 13,011 Lease liabilities 5 2,241 1,800 2,059 Trade payables 92,313 55,509 74,366 Taxes payable 6 4,040 1,970 4,197 Other short-term liabilities 52,620 26,284 42,270 Total Short-Term Liabilities 208,707 156,986 185,903 Total Liabilities 771,402 692,240 724,689 Total Equity and Liabilities 1,234,945 1,265,669 1,257,982 The Shearwater Geoservices AS Group Quarter ended Year ended (In thousands of USD) Notes 30 Sep 2025 30 Sep 2024 31 Dec 2024 The above unaudited condensed consolidated statement of financial position should be read in conjunction with the accompanying notes. Shearwater Geoservices AS Contents Key insights Progress Results Appendix 14 Q3 2025 Report CONDENSED CONSOLIDATED CASH FLOW STATEMENT The Shearwater Geoservices AS Group Quarter ended Year to date Year ended (In thousands of USD) Notes 30 Sep 2025 30 Sep 2024 30 Sep 2025 30 Sep 2024 31 Dec 2024 Cash Flow from Operating Activities: Net income (loss) before taxes (40,062) (2,442) (68,614) (11,022) (48,326) Paid tax (611) (286) (2,176) (1,745) (2,149) Depreciation, amortisation and write down 4 31,167 36,113 99,471 105,305 144,598 Profit/loss on sale of equipment and vessels 4 - - - (50) (35) Interest income 207 (817) (1,717) (2,105) (3,076) Interest expenses 13,392 15,328 40,719 46,788 59,713 Interest received (182) 666 1,717 1,955 3,076 Other non-cash financial items 10 - 822 79 5,269 Change in current assets / liabilities 23,291 36,771 26,247 (46,494) (66,579) Net Cash Flow From Operating Activities 27,213 85,334 96,468 92,712 92,490 Cash Flow from Investing Activities: Payments related to CAPEX 4 (1,800) (10,968) (10,868) (39,683) (58,792) Payments related to purchase of vessels 4 - - - (41,200) (41,200) Payments for sale of equipment and vessels 4 - - - 200 185 Net cash flow from investment in subsidiaries - - - (350) (350) Investment in Multi-Client Library (4,781) (9,835) (27,705) (17,024) (22,198) Net Cash Flow From Investing Activities (6,581) (20,803) (38,573) (98,057) (122,355) Cash Flow from Financing Activities: Drawdown of loans 5 20,000 - 35,000 671,200 706,200 Repayment of loans 5 - (42,500) (25,000) (648,421) (680,921) Repayment of financial lease (645) (753) (2,137) (2,319) (2,957) Transaction costs - - - (8,950) (8,950) Net Interest paid (5,896) (7,809) (33,902) (17,530) (39,002) Net Cash Flow From Financing Activities 13,459 (51,061) (26,039) (6,020) (25,630) Net Increase in Cash and Cash Equivalents 34,090 13,469 31,857 (11,365) (55,496) Net currency translation effects on cash and cash equivalents (1,785) (117) (604) (685) (1,042) Cash and cash equivalents at start of period 48,244 80,431 49,296 105,834 105,834 Cash and cash equivalents at end of period 80,550 93,784 80,550 93,784 49,296 The above unaudited condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes. Shearwater Geoservices AS Contents Key insights Progress Results Appendix 15 Q3 2025 Report CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY The Shearwater Geoservices AS Group For the nine months ended 30 September 2025 (In thousands of USD) Share capital Share premium Retained earnings Total equity Balance at 01 January 2025 10,653 621,190 (98,550) 533,293 Net income for the period - - (69,871) (69,871) Other comprehensive income - - 132 132 Other changes - - (11) (11) Total equity at 30 September 2025 10,653 621,190 (168,299) 463,544 For the nine months ended 30 September 2024 (In thousands of USD) Share capital Share premium Retained earnings Total equity Balance at 01 January 2024 10,653 621,190 (12,499) 619,344 Net income for the period - - (14,071) (14,071) Other comprehensive income - - 178 178 Group contribution submitted to parent - - (32,735) (32,735) Other changes - - 713 713 Total equity at 30 September 2024 10,653 621,190 (58,414) 573,429 For the year ended 31 December 2024 (In thousands of USD) Share capital Share premium Retained earnings Total equity Balance at 01 January 2024 10,653 621,190 (12,499) 619,344 Net income for the year - - (53,414) (53,414) Other comprehensive income - - 104 104 Group contribution submitted to parent - - (32,735) (32,735) Other changes - - (6) (6) Total equity at 31 December 2024 10,653 621,190 (98,550) 533,293 The above unaudited condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes. Shearwater Geoservices AS Contents Key insights Progress Results Appendix 16 Q3 2025 Report Selected notes to the quarterly financial statements NOTE 1: BASIS FOR ACCOUNTING AND ACCOUNTING POLICIES Shearwater Geoservices AS (the Company) is a Norwegian registered company with corporate office in Bergen, Norway. The registered business address is Damsgårdsveien 135, 5160 Laksevåg, Norway. The Company is the parent in the Shearwater Geoservices AS Group ("Shearwater", or "the Group") and the Company is owned 100% by Shearwater Geoservices Holding AS, who in turn has its majority of shares owned by the investment entity RASMUSSENGRUPPEN AS. Shearwater owns a fleet of high-end purpose-built seismic vessels and the Group is a global provider of marine seismic data acquisitions in 2D, 3D and 4D mode, including towed streamers and ocean-bottom nodes (OBN). Additionally, Shearwater delivers land and marine processing and imaging products, data processing software and manufacturing. The Group’s operation is described in more detail in Note 2.1. These interim financial statements for the nine months ended 30 September 2025 have been prepared in accordance with IFRS® Accounting Standards as adopted by the EU and the IFRSs as issued by the Internal Accounting Standards Board (IASB), including IAS 34. These interim financial statements were authorised for issue by the Company's Board of Directors on 27 November 2025. These interim financial statements are unaudited. Taxes are calculated based on profit or loss for each individual entity based on local tax regulations. Local profits and fluctuations in exchange rates impact the taxes on a quarterly and an annual basis. This report does not include all information required in a complete annual report and it should therefore be read in conjunction with the Company's Annual Report for 2024, available on www.shearwatergeo.com. The preparation of these condensed interim financial statements requires management to make estimates, judgements and assumptions that affect the application of accounting policies and recognised amounts of assets and liabilities, income and expense. Actual results may differ from these estimates, judgements and assumptions. Shearwater Geoservices AS Contents Key insights Progress Results Appendix 17 Q3 2025 Report NOTE 2: REVENUE AND SEGMENT INFORMATION 2.1: Segment information The Chief Executive Officer, the Chief Financial Officer and the Chief Commercial Officer are responsible for following up and ensuring that the Group's performance is in line with the Group's existing strategy both from a product perspective as well as enabling the Group to evolve within its given parameters. Within the Group there are three main segments: Marine Acquisition, Multi-Client and Software, Processing & Imaging (SPI). Management primarily uses a measure of earnings before interest, tax, depreciation, and amortisation (EBITDA, see below) to assess the performance of the operating segments. The Group operates world-wide and while the geographical markets have a central place at the project planning stage, it is not considered a separate segment in the internal financial reporting. Segments Marine Acquisition The Group owns and operates the world's largest fleet of purpose-built seismic vessels designed for safe and efficient seismic acquisition. The Group offers a wide range of seismic services in 2D, 3D and 4D mode, including towed streamers and ocean-bottom node (OBN) surveys. With 23 high-end vessels, Shearwater is offering the seismic services on a worldwide basis. For this segment the product is the delivery of high-quality unprocessed seismic data. Multi-Client Shearwater established a focused multi-client business unit in 2024 to manage converted contracts and traditional multi-client projects. Generally, a converted contract is a contract survey executed in multi-client mode with most of the funding coming from one client and generally with limited late sales potential, while traditional multi-client generally focuses on offering data libraries to a more diverse client base. A project will be reported under the multi-client business segment when Shearwater has either full or partial ownership of the seismic data being acquired and has the economic benefit to licence fees from multiple clients over the lifetime of the data. In accordance with IFRS, pre-funding revenues (revenues committed to prior to completion of a project) and late sales revenues are recognised at the point in time when the customer receives access to, or delivery of, data according to the contracted terms with the customer (the performance obligation). Software, Processing & Imaging The Group processes and re-processes both land and marine seismic data by combining the latest processing software with experienced geophysicists and efficient hardware. The Group's offshore and onshore processing teams provide expertise and service to achieve the highest quality imaging both in streamer and OBN datasets. The Group's Reveal software provides advanced processing and imaging algorithms from real-time quality control on vessels, through model building and depth imaging. Other Other include research and development, engineering services, and sales, general and administration cost. The Group has extensive competence in engineering, development and manufacturing of streamers and nodes. Reference marks for the accompanying tables in this 2.1: Segment information *Part of the income for the "Other"-column is funding received from external organisations in connection with research and development projects. **EBITDA is earnings before interest, tax, depreciation, and amortisation. Costs related to Mergers and Acquisition (M&A) is not included in EBITDA as it is not considered ordinary operating expense. EBITDA is used internally to continuously measure the Group's ability to service its debt and capital cost. Shearwater Geoservices AS Contents Key insights Progress Results Appendix 18 Q3 2025 Report Quarter ended 30 September 2025 Marine Acquisition Multi-Client Software, Processing & Imaging Other Total (In thousands of USD) Income statement Total operating revenue and other income * 126,069 11,914 8,431 82 146,496 Cost of sales 127,674 - 7,182 (3,068) 131,789 Sales, general and administration cost - - - 9,514 9,514 EBITDA ** (1,606) 11,914 1,249 (6,364) 5,192 Depreciation, amortisation and write-down 31,167 Other losses (gains) net (1,513) Operating profit EBIT (24,462) Financial income (207) Financial expense (15,393) Income tax expense 316 Net Income (40,378) Quarter ended 30 September 2024 Marine Acquisition Multi-Client Software, Processing & Imaging Other Total (In thousands of USD) Income statement Total operating revenue and other income * 170,612 441 7,583 113 178,749 Cost of sales 109,782 - 6,799 2,819 119,400 Sales, general and administration cost - - - 8,720 8,720 EBITDA ** 60,830 441 784 (11,426) 50,629 Depreciation, amortisation and write-down 36,113 Other losses (gains) net 893 Operating profit EBIT 13,623 Financial income 666 Financial expense (16,731) Income tax expense (1,106) Net Income (1,336) Shearwater Geoservices AS Contents Key insights Progress Results Appendix 19 Q3 2025 Report Year to date 30 September 2025 Marine Acquisition Multi-Client Software, Processing & Imaging Other Total (In thousands of USD) Income statement Total operating revenue and other income * 418,279 27,158 22,091 2,220 469,749 Cost of sales 343,473 - 18,873 9,603 371,950 Sales, general and administration cost - - - 22,643 22,643 EBITDA ** 74,806 27,158 3,218 (30,026) 75,156 Depreciation, amortisation and write-down 99,471 Other losses (gains) net 637 Operating profit EBIT (24,952) Financial income 1,717 Financial expense (45,379) Income tax expense 1,257 Net Income (69,871) Year to date 30 September 2024 Marine Acquisition Multi-Client Software, Processing & Imaging Other Total (In thousands of USD) Income statement Total operating revenue and other income * 490,165 4,389 21,459 308 516,320 Cost of sales 317,818 - 18,961 8,176 344,955 Sales, general and administration cost - - - 25,556 25,556 EBITDA ** 172,347 4,389 2,498 (33,424) 145,809 Depreciation, amortisation and write-down 105,305 Other losses (gains) net (470) Operating profit EBIT 40,974 Financial income 2,105 Financial expense (54,101) Income tax expense 3,049 Net Income (14,071) Shearwater Geoservices AS Contents Key insights Progress Results Appendix 20 Q3 2025 Report Year ended 31 December 2024 Marine Acquisition Multi-Client Software, Processing & Imaging Other segments Total Income statement Total operating revenue and other income * 572,095 18,397 27,591 1,738 619,821 Cost of sales 386,674 - 24,477 15,534 426,685 Sales, general and administration cost - - - 34,093 34,093 EBITDA ** 185,421 18,397 3,114 (47,889) 159,043 Depreciation, amortisation and write-down 144,598 Other losses (gains) net (2,673) Operating profit EBIT 17,117 Financial income 3,225 Financial expense (68,669) Income tax expense 5,088 Net Income (53,414) 2.2: Revenue from contracts with customers The Group earns revenue from the following categories of customer contracts: PRODUCTS AND SERVICE LINES Quarter ended Year to date Year ended (In thousands of USD) 30 Sep 2025 30 Sep 2024 30 Sep 2025 30 Sep 2024 31 Dec 2024 Marine Acquisition 126,069 170,612 418,279 490,165 572,095 Multi-Client 11,914 441 27,158 4,389 18,397 Software, Processing & Imaging 8,431 7,583 22,091 21,459 27,591 Revenue from contract with customers 146,414 178,636 467,529 516,012 618,083 Other income Marine Acquisition - - - - 35 Other income 82 113 2,220 308 1,703 Total 146,496 178,749 469,749 516,320 619,821 All amounts are in thousands of USD. Quarter ended Year to date Year ended Timing of revenue recognition 30 Sep 2025 30 Sep 2024 30 Sep 2025 30 Sep 2024 31 Dec 2024 Point in time 13,527 301 28,772 1,141 20,407 Services transferred over time 132,886 178,335 438,757 514,871 597,676 Total revenue from contract with customers 146,414 178,636 467,529 516,012 618,083 Net operating revenue by geography 30 Sep 2025 30 Sep 2024 30 Sep 2025 30 Sep 2024 31 Dec 2024 Europe, Africa and Middle East - EAME 61,799 55,360 162,067 169,634 210,254 Asia / Pacific - APAC 2,988 95,085 80,625 293,300 340,833 North and South America - NSA 81,710 28,304 227,056 53,386 68,734 Total 146,496 178,749 469,749 516,320 619,821 Shearwater Geoservices AS Contents Key insights Progress Results Appendix 21 Q3 2025 Report NOTE 3: SPECIFICATION COST OF SALES Quarter ended Year to date Year ended (In thousands of USD) 30 Sep 2025 30 Sep 2024 30 Sep 2025 30 Sep 2024 31 Dec 2024 Vessel operating cost 127,674 109,782 343,473 317,818 386,674 Software, Processing & Imaging cost 7,182 6,799 18,873 18,961 24,477 Other segments (3,068) 2,819 9,603 8,176 15,534 Total Cost of Sales* 131,789 119,400 371,950 344,955 426,685 *Cost of Sales is excluding depreciation NOTE 4: TANGIBLE, NON-CURRENT ASSETS (In thousands of USD) Seismic vessels Seismic equipment Office equipment Other assets (Right of use) Manufacturing equipment Total Cost: Acquisition cost at 01 January 2025 1,247,135 381,648 13,279 23,272 13,647 1,678,981 Additional capital expenditures 4,433 12,650 (24) 2,183 (12) 19,229 Write-down during the period - (3,624) - - - (3,624) Acquisition cost at 30 September 2025 1,251,568 390,673 13,255 25,455 13,635 1,694,586 Accumulated depreciation: Balance at 01 January 2025 381,764 304,537 6,120 15,694 11,686 719,801 Depreciation for the period 52,133 12,725 1,094 2,088 250 68,290 Depreciation periodical maintenance 17,433 - - - - 17,433 Deferred mobilisation cost 818 1,242 - - - 2,060 Accumulated depreciation at 30 September 2025 452,148 318,504 7,213 17,782 11,936 807,584 Carrying amount at 30 September 2025 799,421 72,171 6,040 7,674 1,699 887,005 Estimated useful lifetime 25 years 3 to 7 years 3 to 5 years 1 to 5 years 3 to 7 years Other Assets (Right of Use) are office and warehouse buildings previously identified as operating leases under IAS 17 as well as lease of processing equipment. Short-term leases, such as Bareboat or Time charter hire of support/chase vessels have not been capitalised as all lease contracts are 12 months or less. In 2025, USD 6.2 million of the seismic equipment capital expenditure for the year relates to capitalisation of R&D costs that was included in the carrying amount of the intangible asset's opening balance for the year. Shearwater Geoservices AS Contents Key insights Progress Results Appendix 22 Q3 2025 Report NOTE 5: LONG-TERM DEBT/LIABILITIES The Group's long-term liabilities, including first year's instalments, are summarised as follows: (In thousands of USD) 30 Sep 2025 30 Sep 2024 31 Dec 2024 Senior secure bank facility, USD SOFR 3M + 4.1%, due 2029 250,000 287,500 275,000 Senior secure Bond, 9.5%, due 2029 300,000 300,000 300,000 Revolving credit facility, USD SOFR 3M + 4.1% 50,000 - 15,000 Amortisation effect, mortgage debt (6,940) (9,360) (8,516) Accrued interest expenses 19,993 21,424 13,011 Total secured long-term debt/liabilities 613,053 599,564 594,496 Lease liabilities, due 2024-2029 8,618 8,914 8,601 Total unsecured long-term debt/liabilities 8,618 8,914 8,601 Total long-term debt/liabilities 621,671 608,478 603,097 Classification in the statement of financial position: Long-term debt 555,560 528,140 531,484 Long-term lease liabilities 6,377 7,114 6,542 Current portion of long-term debt 37,500 50,000 50,000 Short-term debt 19,993 21,424 13,011 Short-term lease liabilities 2,241 1,800 2,059 In April 2024, Shearwater refinanced its external debt through a USD 300 million secured bank facility and a USD 300 million secured bond loan, both with five-year maturities and pari passu ranking. The bank facility carries interest at SOFR plus 4.1%, while the bond loan bears a fixed rate of 9.5%. Shearwater also maintains super-senior revolving credit and guarantee facilities of USD 50 million each. In June 2025, the Group introduced measures to strengthen financial resilience, including a temporary leverage ratio covenant of 5.00x (net interest-bearing debt divided by 12-month rolling EBITDA) until the first quarter of 2026, deferral of second half of 2025 instalments to January 2027, and an expanded liquidity definition. In the second quarter report on 29 August 2025, the Group also communicated an expectation for significant multi-client segment revenue in the second half of 2025, with uncertainty on the timing of quarterly distribution between the third and fourth quarter of the year. A major multi-client sale expected in the third quarter was recognised in the fourth quarter, impacting EBITDA and leverage ratio. The leverage ratio at 30 September 2025 was 6.1, which exceeded the 5.00x threshold under the bank facility agreement. A provision in the bank facility agreement provides Shearwater with the option to repair (“cure”) a quarter-end financial covenant test within the relevant reporting date of the facility. The Group has maintained a close dialogue with the bank syndicate and has obtained a leverage ratio waiver for the third-quarter financial covenant test. Shearwater has remained in compliance with all financial covenants under the bond facility agreement. In line with the previously communicated expectations, more than USD 30 million of multi-client revenues, primarily from the Pelotas Basin data library, have been recognised to date in the fourth quarter of 2025. Based on this, Shearwater expects to comply with the leverage ratio covenant at year-end, with the bank facility and bond loan continuing to be presented as non- current liabilities. Shearwater Geoservices AS Contents Key insights Progress Results Appendix 23 Q3 2025 Report NOTE 6: TAXES Quarter ended Year to date Year ended (In thousands of USD) 30 Sep 2025 30 Sep 2024 30 Sep 2025 30 Sep 2024 31 Dec 2024 Tax payable 316 (1,106) 1,257 3,049 5,670 Change in deferred tax - - - - (582) Income tax expense 316 (1,106) 1,257 3,049 5,088 NOTE 7: SUBSEQUENT EVENTS There have been no significant events or transactions after the reporting period that need to be disclosed in this quarterly report. Shearwater Geoservices AS Contents Key insights Progress Results Appendix 24 Q3 2025 Report APPENDIX Alternative performance measures Shearwater prepares its financial statements in accordance with IFRS Accounting Standards as adopted by the EU and issued by the IASB. To provide additional insight into operational performance, management uses key operational indicators and alternative performance measures (APMs) that supplement IFRS figures. These non-IFRS measures, which include EBITDA, Free Cash Flow, Net Interest-Bearing Debt and backlog, help monitor business activity but are not intended to replace IFRS measures. APMs may differ from those used by other companies. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) Definition EBITDA is a non-IFRS financial measure, calculated by subtracting each of the following items from Total Revenue and Other Income, as set forth in the consolidated statement of profit or loss prepared in accordance with IFRS: Cost of sales, Sales, general and administration costs. Costs related to Mergers and Acquisition (M&A) is not included in EBITDA as it is not considered ordinary operating expense. Rationale Shearwater uses EBITDA to assess underlying business performance, financial results and profitability. The measure excludes depreciation, amortisation and write-downs on past investments in tangible and intangible assets, as well as realised and unrealised currency translation effects from receivables, liabilities, loans and cash balances (reported under Other losses/gains, net). Internally, EBITDA is a key metric for evaluating the Group’s ability to service debt and capital costs. Quarter ended Year to date Year ended (In thousands of USD) Notes 30 Sep 2025 30 Sep 2024 30 Sep 2025 30 Sep 2024 31 Dec 2024 Total revenue and other income 2 146,496 178,749 469,749 516,320 619,821 Cost of sales 3 131,789 119,400 371,950 344,955 426,685 Sales, general and administration cost 9,514 8,720 22,643 25,556 34,093 EBITDA 5,192 50,629 75,156 145,809 159,043 EBITDA ratio (EBITDA / Total revenue and other income) 4 % 28 % 16 % 28 % 26 % Free Cash Flow (FCF) Definition Free Cash Flow (FCF) is a non-IFRS measure calculated by combining net cash flow from operating activities and investing activities, both subtotal line items in the IFRS cash flow statement. Shearwater adjusts FCF by excluding M&A transactions from investing activities (shown as an inverse figure in the reconciliation) and includes leasing payments as a net cash outflow. Leasing payments appear under financing activities in the IFRS cash flow statement. Shearwater Geoservices AS Contents Key insights Progress Results Appendix 25 Q3 2025 Report Rationale Shearwater uses Free Cash Flow to assess underlying business performance, financial results and cash generation. The measure isolates cash from operations while factoring in net investment in tangible assets, the multi-client library and lease payments for operational capacity. Quarter ended Year to date Year ended (In thousands of USD) 30 Sep 2025 30 Sep 2024 30 Sep 2025 30 Sep 2024 31 Dec 2024 Net cash flow from operating activities 27,213 85,334 96,468 92,712 92,490 Net cash flow from investing activities (6,581) (20,803) (38,573) (98,057) (122,355) Adjusted for M&A transactions - - - 41,350 41,365 Adjusted for leasing payments (645) (753) (2,137) (2,319) (2,957) Free cash flow 19,986 63,778 55,759 33,686 8,544 Net interest-bearing debt (NIBD) Definition Shearwater’s NIBD equals total current and non-current interest-bearing debt (net of amortised loan costs), including lease liabilities, minus cash and cash equivalents. Rationale Net interest-bearing liabilities reflect Shearwater’s net borrowing commitments and provide a useful measure of the Group’s financial strength and capital structure flexibility. (In thousands of USD) 30 Sep 2025 30 Sep 2024 31 Dec 2024 Borrowings 613,053 599,564 594,496 Financial leases 8,618 8,914 8,601 Interest-bearing debt 621,671 608,478 603,097 Cash and Cash equivalents 80,550 93,784 49,296 Net interest-bearing debt 541,122 514,694 553,800 Backlog and future coverage Definition Shearwater’s backlog represents future revenue from signed contracts and binding letters of award at the reporting date. From the third quarter of 2025, multi-client commitments are included in the backlog. Backlog figures from earlier periods are not restated. Rationale The backlog, representing future revenue from signed contracts and binding letters of award, indicates the Group’s committed and upcoming activity. Backlog value (In thousands of USD) 30 Sep 2025 30 Sep 2024 31 Dec 2024 Total backlog 412,509 239,065 337,237 The three-year capacity reservation agreement for TotalEnergies, which was announced in March 2025 and guarantees a minimum of 18 months of streamer vessel activity, is included in the backlog at the estimated operational revenue for the remaining vessel months under the minimum commitment of the agreement. Shearwater Geoservices AS Contents Key insights Progress Results Appendix 26 Q3 2025 Report Corporate overview and investor information Shearwater Geoservices AS Contents Key insights Progress Results Appendix 27 Q3 2025 Report Group Management Irene Waage Basili Simon Telfer CEO CTO Andreas Hveding Aubert Tanya Herwanger CFO SVP Multi-client, Strategy and New Markets Peter Hooper Philippa Box CCO SVP People & Culture Antonio Stempel Gunnvor Dyrdi Remøy SVP Marine Acquisition General Counsel Investor Relation Contact Kristian Rådal Head of Investor Relations T: +47 99 23 61 58 Investor relations e-mail ir@shearwatergeo.com Financial calendar To be communicated Contact Visiting and postal address (HQ) Damsgårdsveien 135 5160 Laksevåg Norway Telephone (HQ) +47 55 38 75 00 Website www.shearwatergeo.com Cautionary note regarding forward-looking statements This report contains forward-looking statements and information which are subject to uncertainties and assumptions as to future events that are difficult to predict and may not prove accurate. All statements in this report that are not of historical facts should be considered as forward-looking and the actual outcome of such statements can be significantly different than indicated herein. Forward- looking statements and information are given only at the time of the release of this report and are subject to change without notice. Shearwater undertakes no responsibility or obligation to update or alter forward-looking statements. Shearwater does not give any security that the forward-looking statements will come to pass, and any form of investment decisions should be based on investors' own due diligence.