Shearwater Geoservices has entered into an agreement to sell the 2012-built survey vessel SW Baret through one subsidiary. The vessel is being sold to an undisclosed party for conversion into a dedicated source vessel, the company said.
The agreed sales price for the vessel and associated equipment exceeds its carrying book values, which is expected to result in a sales gain. The company reported that the transaction is also expected to have a positive impact on its liquidity.
Completion of the sale is expected by the company to occur late in the second quarter of 2026. Chief Financial Officer Andreas Hveding Aubert said, “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,” Aubert added. Once the transaction is complete, the SW Baret will undergo modifications including the removal of streamer winches and associated equipment.
The sale includes selected source equipment for the vessel, which has been in lay-up since 2021.
Shearwater reported that this agreement is separate from a memorandum of agreement related to another vessel sale mentioned during a fourth quarter 2025 earnings call. The company expects a conclusion regarding that memorandum within the second quarter of 2026.