Shearwater Q3 revenue dips to $146.5m as market mutes demand

Shearwater Geoservices AS announced its third quarter 2025 results, with revenue decreasing to $146.5 million from $178.7 million in Q3 2024. EBITDA also fell to $5.2 million from $50.6 million year-over-year, primarily attributed to a muted contract market, changed project mix, and multi-client revenue recognition delayed to Q4. Despite these challenges, fleet utilization stood at 68% across 7.8 active vessels, and the company’s cost reduction and efficiency improvement program is advancing well.

The company is mobilizing for its third multi-client season in Brazil's Pelotas Basin in Q4, with significant multi-client revenues anticipated. Shearwater ended Q3 with a backlog of $413 million, including multi-client commitments. Chief executive Irene Basili noted the business is adjusting to the current market environment to ensure resilience and flexibility, aiming to capture emerging opportunities when demand for seismic strengthens again. Shearwater reported a net loss of $40.4 million for the quarter, compared to $1.3 million in Q3 2024.