Kraken Provides Update on Subsea Laser Scanner Service Activities

ST. JOHN’S, Newfoundland, Jan. 17, 2023 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), is pleased to provide an update on its SeaVision® 3D underwater laser scanning technology and related service activities. Kraken’s SeaVision inspection technology is primarily used in assisting the offshore energy sector to acquire higher quality subsea asset integrity information, more quickly at a lower cost than competing solutions. This enables offshore energy operators to make timely, informed decisions regarding asset integrity. Specific examples include providing critical measurements to help clients avoid unscheduled interruption of production and enabling reverse engineering of damaged subsea equipment to enable repairs in-place. During several recent offshore deployments, Kraken’s SeaVision technology has shown clients that as-built 3D dimensions of installed subsea structures differ from their existing documentation, especially when servicing aging assets.

Kraken’s SeaVision business unit continues to make progress across a variety of fronts including:

1)   In 2022, Kraken acquired over 10 terabytes of subsea data for offshore oil and gas and renewable energy customers across several countries including Brazil, Canada, Denmark, Estonia, Germany, Nigeria, Norway, and Poland. Applications included anode volumetric measurements for offshore wind farms, mooring chain inspection for offshore oil and gas infrastructure, and subsea metrology services. In 2022, SeaVision services have delivered over one hundred (>100) 3D models and metrology for offshore wind and oil & gas clients. Kraken’s SeaVision technology is expected to become part of several clients’ yearly asset integrity campaign.

2)   Kraken is continuing the commercialization of a unique, non-contact SeaVision® Mooring Chain Inspection Tool (MCIT). This tool can be used to support existing offshore oil and gas inspection requirements, as well as upcoming offshore wind inspection requirements by providing millimetric accuracy 3D digital twins of critical subsea infrastructure. The SeaVision MCIT will also significantly reduce the cost of mooring chain inspections, as Kraken has also developed extensive data analytics capabilities to process mooring chain data efficiently into corrosion and dimensional measurements requirements for mooring integrity analysis.

3)   In 2023, Kraken’s SeaVision technology will be certified for DNV class inspections as well as accreditation of performance as per ISO standards. Delivering an accredited measurement according to international standards is important to clients that rely on SeaVision measurements to make critical decisions regarding asset integrity, life extension, and repairs.

4)   In 2022, Kraken developed automated calibration, measurement and report generation tools as well as a real-time workflow based on deep learning which enables automatic structural tracking and measurement of mooring chains. These tools have reduced the turn-around of models and measurements by a factor of ten times.

5)   Customer satisfaction continues to be a high priority for all Kraken service deliveries, including the SeaVision team. Commenting on Kraken’s SeaVision laser scanning services, the Client Rep for an major international energy company said, “We received outstanding service and support from Kraken throughout our engagement, with pre-engineering and offshore services delivered. Kraken delivered a highly innovative solution, in a challenging time frame whilst delivering excellent customer support throughout our project.”  

Image 1

Figure 1: 3D Volumetric Measurement of Anode

Image 2

Figure 2: 3D Model of Mooring Chain Connection

Image 3

Figure 3: 3D Volumetric Corrosion Assessment (left) and Ultra-High Dynamic Range Model (right) of Mooring Chain Segments

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ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company dedicated to the production and sale of software-centric sensors, subsea batteries, and underwater robotic systems. It provides high-resolution 3D acoustic imaging solutions and services to enable clients to overcome the challenges in our oceans – safely, efficiently, and sustainably.  Kraken Robotics is headquartered in Canada and has offices in North and South America and Europe. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.

Certain information in this news release constitutes forward-looking statements. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company’s current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQB has neither approved nor disapproved the contents of this press release.

For further information:

Stephen Griffin, Group Marketing Manager
[email protected]

Joe MacKay, Chief Financial Officer
(416) 303-0605
[email protected]

Greg Reid, President & CEO
(416) 818-9822
[email protected]

Sean Peasgood, Investor Relations
(647) 955-1274
[email protected]

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7f5a2026-d678-44c3-a678-48d21f008dab

https://www.globenewswire.com/NewsRoom/AttachmentNg/103e1c0f-5016-4fe1-a5ea-f8cc52f1ad6e

https://www.globenewswire.com/NewsRoom/AttachmentNg/5ff6e735-8c21-44cc-91eb-324a0e453c2a


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