Shearwater to Sell SW Baret for Conversion to Source Vessel

Shearwater Geoservices has agreed to sell the vessel SW Baret to an undisclosed buyer for conversion into a dedicated source vessel.

The agreed sales price exceeds the vessel’s carrying book value and is expected to result in a gain in Shearwater’s accounts, as well as a positive impact on liquidity, the company said.

Completion of the transaction is expected late in the second quarter of 2026.

The vessel, built in 2012, has been in lay-up since 2021 and will undergo modifications following the sale, including removal of streamer winches and related equipment.

Shearwater said the transaction is separate from a previously announced vessel sale memorandum of agreement, for which it expects a conclusion within the second quarter of 2026.

“The divestment supports Shearwater’s ongoing work to optimise 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, Chief Financial Officer of Shearwater Geoservices.