GC Rieber Shipping — Earnings Release 2019

Jan 9, 2020

Shearwater GeoServices starts off 2020 with sevenfold increase in vessel backlog

Bergen, 9 January 2019

Shearwater's processing and imaging business continues to grow, with a 65% increase in 2019 revenue versus 2018, and 50% increase in backlog versus this time last year. Shearwater has signed processing and imaging master services agreements with two major international oil companies providing additional potential for growth.

As part of the continuous commitment to developing new seismic acquisition technology, Shearwater in 2019 announced a technology collaboration with Equinor and the Norwegian Research Council for the next generation

Shearwater GeoServices Holding AS is a global, customer-focused and technology-driven provider of marine geophysical services. The company has the world's largest fleet of high-end seismic vessels and a portfolio of proprietary technologies and software that provide customers with a full-range of geophysical acquisition techniques, effective surveys and high-quality data. Shearwater has approximately 600 employees, an

industry-leading cost position and a strong balance sheet. Headquartered in Bergen, Norway, Shearwater is owned

Irene Waage Basili, CEO, Shearwater GeoServices, phone: +47 90 09 86 88

by RASMUSSENGRUPPEN AS, GC Rieber Shipping ASA and Schlumberger.

marine seismic source technology.

About Shearwater GeoServices Holding AS:

For more information visit www.shearwatergeo.com

For further information:

Shearwater GeoServices Holding AS (Shearwater) is pleased to announce a more than sevenfold increase in 2020 backlog to 65 vessel-months at the start of 2020, up from 9 vessel-months at the same time a year ago.

This backlog includes 24 months of the minimum commitment in the recently signed capacity agreement with CGG for two vessel-years annually over a five-year period. The backlog numbers exclude WesternGeco minimum commitment.

The backlog expansion reflects growing demand for marine seismic, particularly 4D, and successful execution of the company's market consolidation strategy. As part of this strategy, Shearwater completed the strategic agreement with CGG where the company takes over five fully equipped high-end seismic vessels and enters into a long-term agreement for marine seismic acquisition services announced 8 January 2020.

"2019 was an active year led by the integration of the WesternGeco business, vessel reactivations and successful execution of several acquisition projects," said Irene Waage Basili, the CEO of Shearwater GeoServices. "We start 2020 with a strong platform for growth in our backlog, with the world's largest high-end fleet, cutting-edge processing and imaging technology, all supported by a highly competent and motivated organisation."

4D leadership

Today, Shearwater announced the award of three Isometrix 4D towed streamer projects by Equinor, and a 4D Qseabed Ocean Bottom Seismic (OBS) project by Lundin Norway for the 2020 North Sea summer season.

In November, Shearwater announced the award of the largest-ever 4D campaign in the Asia Pacific region by Woodside covering up to six fields in late 2019 and into 2020. It was the second 4D award by Woodside in 2019.

"We have announced several projects for execution this year including several 4D awards cementing our leading position in this segment. The 4D project pipeline for 2020 is strong," Irene Waage Basili said. "Our customers really appreciate our high-end vessels, unique technology offering, and global presence illustrated by the high utilisation seen on our two Isometrix equipped vessels on 4D seismic programs in the North Sea and Australia."

Global offering supported by local presence

The TGS Argentina survey was another milestone award which was expanded to include a second vessel and 11 vessel months late in the year. In response to increased regional activity, the company in 2019 opened an office in Rio de Janeiro this August and completed 7 months of acquisition in Brazil, as well as executing its first project offshore Columbia supported by a newly established local branch office.

Other contracts include projects for Shell in the Black Sea, for ONGC in India and a number of surveys in the North Sea for customers such as Lundin and Total. In December, Shearwater was awarded a hybrid node-streamer seismic survey in Malaysia for Repsol. This capped a strong year for the Multi-Purpose Vessel fleet which through the year executed 12 vessel months of Ocean Bottom Seismic, as well as source, 2D and 3D projects for various customers.

Shearwater's processing and imaging business continues to grow, with a 65% increase in 2019 revenue versus 2018, and 50% increase in backlog versus this time last year. Shearwater has signed processing and imaging master services agreements with two major international oil companies providing additional potential for growth.

As part of the continuous commitment to developing new seismic acquisition technology, Shearwater in 2019 announced a technology collaboration with Equinor and the Norwegian Research Council for the next generation marine seismic source technology.

For further information:

Shearwater GeoServices Holding AS (Shearwater) is pleased to announce a more than sevenfold increase in 2020

This backlog includes 24 months of the minimum commitment in the recently signed capacity agreement with CGG

The backlog expansion reflects growing demand for marine seismic, particularly 4D, and successful execution of the company's market consolidation strategy. As part of this strategy, Shearwater completed the strategic

agreement with CGG where the company takes over five fully equipped high-end seismic vessels and enters into a

"2019 was an active year led by the integration of the WesternGeco business, vessel reactivations and successful execution of several acquisition projects," said Irene Waage Basili, the CEO of Shearwater GeoServices. "We start 2020 with a strong platform for growth in our backlog, with the world's largest high-end fleet, cutting-edge processing

Today, Shearwater announced the award of three Isometrix 4D towed streamer projects by Equinor, and a 4D Qseabed Ocean Bottom Seismic (OBS) project by Lundin Norway for the 2020 North Sea summer season.

In November, Shearwater announced the award of the largest-ever 4D campaign in the Asia Pacific region by Woodside covering up to six fields in late 2019 and into 2020. It was the second 4D award by Woodside in 2019.

"We have announced several projects for execution this year including several 4D awards cementing our leading position in this segment. The 4D project pipeline for 2020 is strong," Irene Waage Basili said. "Our customers really appreciate our high-end vessels, unique technology offering, and global presence illustrated by the high utilisation

The TGS Argentina survey was another milestone award which was expanded to include a second vessel and 11 vessel months late in the year. In response to increased regional activity, the company in 2019 opened an office in Rio de Janeiro this August and completed 7 months of acquisition in Brazil, as well as executing its first project

Other contracts include projects for Shell in the Black Sea, for ONGC in India and a number of surveys in the North Sea for customers such as Lundin and Total. In December, Shearwater was awarded a hybrid node-streamer seismic survey in Malaysia for Repsol. This capped a strong year for the Multi-Purpose Vessel fleet which through the year executed 12 vessel months of Ocean Bottom Seismic, as well as source, 2D and 3D projects for various

seen on our two Isometrix equipped vessels on 4D seismic programs in the North Sea and Australia."

backlog to 65 vessel-months at the start of 2020, up from 9 vessel-months at the same time a year ago.

long-term agreement for marine seismic acquisition services announced 8 January 2020.

and imaging technology, all supported by a highly competent and motivated organisation."

commitment.

4D leadership

customers.

Global offering supported by local presence

offshore Columbia supported by a newly established local branch office.

for two vessel-years annually over a five-year period. The backlog numbers exclude WesternGeco minimum

Irene Waage Basili, CEO, Shearwater GeoServices, phone: +47 90 09 86 88

About Shearwater GeoServices Holding AS:

Shearwater GeoServices Holding AS is a global, customer-focused and technology-driven provider of marine geophysical services. The company has the world's largest fleet of high-end seismic vessels and a portfolio of proprietary technologies and software that provide customers with a full-range of geophysical acquisition techniques, effective surveys and high-quality data. Shearwater has approximately 600 employees, an industry-leading cost position and a strong balance sheet. Headquartered in Bergen, Norway, Shearwater is owned by RASMUSSENGRUPPEN AS, GC Rieber Shipping ASA and Schlumberger.

For more information visit www.shearwatergeo.com