Despite a market-leading position within geological data processing (~50% market share), VIRI’s share has been underperforming oil service peers, partly driven by its exposure towards a stagnating seismic market and concerns regarding the refinancing of its bond debt. While we expect 2025 revenue to come slightly down YoY driven by MC investments reverting to a normalized level, we project meaningful EBITDA growth with the Shearwater capacity agreement expiring in Jan-25, which in combination bo ....
