The agreed sales price for the vessel and associated equipment exceeds the carrying book values, and the transaction is therefore expected to result in a sales gain in Shearwater’s accounts. The transaction is also expected to have a positive impact on Shearwater’s liquidity. Completion of the sale is expected late in the second quarter of 2026.
“The divestment supports Shearwater’s ongoing work to optimize the fleet and to allocate capital in line with our strategic and financial priorities. Net proceeds from the transaction will be applied in accordance with the applicable mechanisms outlined in Shearwater’s bank and bond agreements,” said Andreas Hveding Aubert, the CFO of Shearwater.
Upon completion of the transaction, SW Baret will undergo modifications to support the future operational profile as a source vessel, including the removal of streamer winches and associated streamer-related equipment. The transaction includes the divestment of selected source equipment. The SW Baret has been in lay-up since 2021.
The agreement to sell the SW Baret is a separate transaction from the Memorandum of Agreement (MOA) related to a vessel sale communicated in the fourth quarter 2025 earnings call. Shearwater expects a conclusion on the MOA within the second quarter of 2026.
