Shearwater reports record-high fleet utilisation despite short-term seismic market caution

“The aggregate marine seismic market is expected to follow the same trend line as the past three years,” said Ms Basili. “However, visibility for the coming quarters remains low due to fewer contracts awarded for the mid-year period and we will align active vessels with demand.”

In Q1 2025, Shearwater reported US$189M in revenues compared with US$123M in the same period in 2024. Its earnings before interest, taxes, depreciation and amortisation in Q1 2025 was US$58M compared with US$15M in Q1 2024.

Growth in revenues and earnings may not be as strong for the rest of 2025 due to market conditions, which are impacted by global trade wars and geopolitics.

“Oil and gas exploration and production companies’ investment budgets continue to reflect geopolitical uncertainty and market volatility, while capital discipline remains in focus,” said Ms Basili. “In response to the prevailing market dynamics, we are proactively assessing costs and investment levels to optimise cash flow.”

In the longer term, Ms Basili is positive about demand for offshore seismic surveys and contract awards due to rising global demand for energy.

“The oil and gas exploration and production industry will need to invest more in marine seismic data acquisition, processing and imaging to rebuild reserves, maintain production and ensure energy security,” said Ms Basili.

“In light of this and despite current short-term volatility, the tender pipeline is encouraging and is expected to support continued sustainable margins,” she said.

“Against this backdrop, we focus on building resilience. Our high-end asset portfolio and inhouse technology platform are competitive strengths, enabling us to leverage streamer market leadership to grow within the OBN and multi-client segments in a disciplined manner.”

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