Shearwater Geoservices AS (“Shearwater”) has received two separate Letter of Awards (LOA’s) from Oil and Natural Gas Corporation Limited (“ONGC”), each representing a large offshore 3D seismic survey offshore India. Combined, the two projects add approximately 15 vessel months of backlog.

The awards, which will utilise two of Shearwater’s high-capacity 3D vessels, include a nine-month project offshore India’s West coast, and a six-month survey on the country’s East coast. Both projects are expected to commence early in the fourth quarter of 2026, materially strengthening vessel utilisation visibility into 2027.

“These awards represent a significant addition to Shearwater’s backlog at attractive terms in a strategically important market. We have built a strong position in India with continuous presence since 2016, leveraging our industry-leading capabilities and knowledge of the local market. Our long-standing relationship with ONGC demonstrates our extensive operational track record and provides a solid foundation for continued activity across our fleet and the delivery of high-quality geophysical data supporting regional value creation” said Irene Waage Basili, the CEO of Shearwater.

The projects are currently under LOA and are progressing toward final contract execution, expected during the third quarter.

About Shearwater

Shearwater is a global marine geoscience and technology business that specialises in collecting data offshore. The organisation uses state-of-the art seismic vessels and equipment to explore beneath the seabed and processes the data using market-leading proprietary software. These insights help clients understand the Earth and make informed decisions about accelerating responsible use of its resources. Shearwater’s headquarters is in Bergen, Norway, with more facilities all around the globe. The company employs around 1,000 people.

About Oil and Natural Gas Corporation Limited (ONGC)

Having discovered seven out of the eight producing basins of India, ONGC has the largest exploration acreage in the country and is the holder of the largest mining license in India. ONGC has steadfastly maintained a Reserve Replenishment Ratio (RRR) of more than one (2P reserves) for the last ten years. ONGC produces 63 percent of the India ’s Oil & Natural Gas. ONGC has a unique distinction of being a company with in-house service capabilities in all areas of exploration and production of oil and gas and related oil-field services.