Bergen, 12 June 2026: Shearwater Geoservices AS ("Shearwater", the "Company" and together with its subsidiaries, the "Group”) is pleased to announce an agreement with lenders and key stakeholders on amendments to the capital structure, improving the Group’s free liquidity and strengthening the financial position.

The agreed equity capital injection and debt amendments, in addition to the previously announced divestment of SW Baret, materially improves the Group’s liquidity outlook, reduces near- to medium-term debt service requirements, and provides increased financial flexibility to support ongoing operations and value creation.

Transaction highlights

• Equity capital injection
  The Group will receive a capital contribution of USD 40 million in new equity or subordinated shareholder loan. Shareholders in Shearwater Geoservices Holding AS (“Parent”) have committed to the full amount.
• Extension of amortisation profile
  USD 25 million in instalments, previously deferred from H2 2025 until January 2027, have been extended to the final maturity of the facilities in April 2029.
• Reduced minimum liquidity covenant
  The minimum cash covenant will immediately be reduced to USD 40 million and further to USD 30 million in Q3 2026.
• Leverage covenant reset
  The existing leverage ratio covenant will be suspended for a period of two years. From Q2 2028, the leverage covenant will be replaced by a free cash flow to debt service covenant, aligning the covenant testing with the Group’s cash flow profile.
• Equity ratio adjustment
  The minimum equity ratio covenant will be reduced to 30%.

 
All covenant amendments relate solely to the bank facilities. The bond facilities remain unchanged and continue to be governed by their existing terms. The transaction is subject to customary closing conditions including General Meetings in both Company and Parent.
 
For further information, please contact:
Kristian Rådal, Head of Investor Relations, phone +47 99 23 61 58