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Shearwater Geoservices agreed to the sale of the SW Baret, a vessel built in 2012 and inactive since 2021. The transaction was conducted through a wholly owned subsidiary and provides for the transfer to an undisclosed party for future conversion.
The highlight of the deal is that the agreed price exceeds the book value of the vessel and associated equipment. As a result, the company expects to record a gain in its accounts upon completion of the transaction.
The company expects to close the sale by the end of the second quarter of 2026. In addition, it anticipates a positive effect on its liquidity, in line with its financial and operating strategy.
A leaner fleet
The divestment is part of the fleet optimization process that Shearwater has been executing. According to the company, the objective is to allocate capital in accordance with its strategic and financial priorities.
CFO Andreas Hveding Aubert explained that the net proceeds will be applied in accordance with the mechanisms established in the company’s banking and bond agreements. With this, Shearwater seeks to strengthen its financial discipline without losing operational focus.
Following the sale, the SW Baret will be modified for its new profile as a source vessel. This will involve the removal of the seismic cable winches and associated equipment, as well as the removal of some of the seismic data generating equipment.
Signal for the offshore market
The operation reflects how specialized shipping lines are repurposing assets to improve profitability and flexibility. In this case, an idle vessel is transformed into an asset with alternative use within the offshore value chain.
For Shearwater, the transaction also helps to free up capital that has been tied up for several years. Selling above book value reinforces the market’s positive reading of its asset portfolio management.
The sale of the SW Baret is separate from another Memorandum of Understanding related to a vessel previously announced by the company. Shearwater expects to close that process during the second quarter of 2026 as well.
Source and photo: https://www.shearwatergeo.com/