Shearwater awarded two large 3D seismic acquisition projects in India

Bergen, 10 August 2026: Shearwater Geoservices AS ("Shearwater") has received two separate Letter of Awards (LOA's) from Oil and Natural Gas Corporation Limited ("ONGC"), each representing a large offshore 3D seismic survey offshore India. Combined, the two projects add approximately 15 vessel months of backlog.

The awards, which will utilise two of Shearwater's high-capacity 3D vessels, include a nine-month project offshore India's West coast, and a six-month survey on the country's East coast. Both projects are expected to commence early in the fourth quarter of 2026, materially strengthening vessel utilisation visibility into 2027.

"These awards represent a significant addition to Shearwater's backlog at attractive terms in a strategically important market. We have built a strong position in India with continuous presence since 2016, leveraging our industry-leading capabilities and knowledge of the local market. Our long-standing relationship with ONGC demonstrates our extensive operational track record and provides a solid foundation for continued activity across our fleet and the delivery of high-quality geophysical data supporting regional value creation" said Irene Waage Basili, the CEO of Shearwater.

The projects are currently under LOA and are progressing toward final contract execution, expected during the third quarter.

For furhter information, please contact:

Kristian Rådal, Head of Investor Relations, phone: +47 99 23 61 58

About Shearwater:

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 1,000 people.