As part of its fleet optimization journey, Norway’s Shearwater GeoServices is selling a 14-year-old vessel that has been in lay-up since 2021 to be converted into a dedicated source vessel.
Through one of its wholly owned subsidiaries, Shearwater Geoservices has entered into an agreement with an undisclosed party for the sale of the 2012-built vessel SW Baret, previously known as Polarcus Adira.
Upon completion of the transaction, the vessel will be modified to support the future operational profile as a source vessel, including the removal of streamer winches and associated streamer-related equipment. The transaction also includes the divestment of selected source equipment.
According to the Norwegian firm, the agreed sales price and associated equipment exceed the carrying book values, with the transaction thus expected to result in a sales gain in Shearwater’s accounts. Completion is expected late in 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 , CFO of Shearwater.
SW Baret is of Ulstein’s SX134 design and is 92 meters long. It offers accommodation for 60 persons.