Shearwater GeoServices has agreed to sell an idle seismic vessel as part of its fleet optimization strategy, with the unit set to be repurposed by a new owner.
The company, through a wholly owned subsidiary, has entered into a deal with an undisclosed buyer for the 2012-built SW Baret, formerly known as Polarcus Adira. The vessel has been in lay-up since 2021.
Following completion, the vessel will be modified to support operations as a dedicated source vessel. This includes the removal of streamer winches and related streamer systems. Selected source equipment is also included in the transaction.
Shearwater GeoServices stated that the agreed sales price, together with the associated equipment, exceeds the vessel’s carrying book value. As a result, the company expects to record a gain from the transaction. Completion is scheduled for the latter part of the second quarter of 2026.
According to CFO Andreas Hveding Aubert, the divestment aligns with the company’s efforts to streamline its fleet and prioritise capital allocation in line with its financial strategy. Net proceeds will be used in accordance with existing bank and bond agreements.
The 92 m vessel is based on Ulstein’s SX134 design and can accommodate up to 60 personnel.
