Kraken Signs Contract with Major Energy Company for Underwater Asset Inspection and Provides SeaVision® Update
ST. JOHN’S, Newfoundland and Labrador, July 15, 2021 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company™, is pleased to announce several positive updates relating to the Company’s SeaVision® laser scanner developments and growth in its Robotics as a Service (RaaS) offering. Kraken’s SeaVision® 3D laser scanner technology will be used in the Company’s RaaS offering focused on three primary markets: mooring chain inspections, ship hull inspection, and offshore wind farm inspection. After several years of development and numerous trials and technology demos, Kraken expects to ramp significant RaaS revenue from SeaVision® laser inspection contracts. Notable updates are as follows:
|1)||Kraken recently signed a contract with a major international energy company to provide detailed underwater inspection of the customer’s subsea assets. Under the contract, Kraken’s SeaVision® 3D laser scanner will be used to conduct underwater inspection of an umbilical termination assembly to acquire metrology data on tubing within the internal structure. The work will be performed in Q4 of this year in a West African country. The customer’s name and the contract amount cannot be disclosed due to confidentiality reasons.|
|2)||Kraken recently completed extensive trials on Kraken‘s SeaVision® based Mooring Chain Inspection Tool (MCIT) (see Figures 1 and 2 below for sample results). Combining the award winning SeaVision® technology with Kraken developed state-of-the-art deep learning object detection and 3D form matching technology, SeaVision® MCIT will enable a time efficient and contactless inspection. Kraken recently finished test runs in a tank facility using six links of a fully documented and analysed mooring chain. The trials objectively showed that Kraken’s MCIT software system can track and measure diameters within the required measurement envelope. As a result, Kraken expects to move forward to readying the system for the first test deployment later this year with a goal to ramping a mooring chain inspection service offering in 2022.|
|3)||Kraken recently completed a successful offshore mooring chain inspection campaign with a major Brazilian energy company. Kraken is expected to offer ongoing support for diver-less underwater asset inspection in the Brazilian offshore energy market leveraging the SeaVision® toolkit. Following this successful campaign, Kraken expects to expand its SeaVision® mooring chain inspection service offering to additional international clients in 2022, including certification with an internationally recognized regulatory agency|
Karl Kenny, Kraken President and CEO said, “The offshore mooring market was valued at over US$ 1 Billion in 2020 and is expected to grow at a 3.7 % CAGR from 2021 to 2026 according to industry analyst, Market Study Report LLC. The largest market segment is offshore oil & gas FPSOs, accounting for over 2,000 km of mooring chains. There is also growing demand from offshore wind platforms. Kraken’s SeaVision® MCIT tool provides a substitute to the conventional mechanical caliper used today for dimensional measurements resulting in a faster, objective, safer and contact-free measurement that reduces the number of offshore campaign days. This can save customers millions of dollars in operational costs and CO2 emissions associated with vessel operations and can provide significant improvement in asset integrity assurance. After several years of technology development, trials, and paid demos, Kraken expects to ramp up and globally deploy a mooring chain inspection service offering in 2022.”
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 thrusters, and underwater robotic systems. The company is headquartered in Newfoundland with offices in Canada, U.S., Germany, Denmark, and Brazil. 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, please contact:
Joe MacKay, Chief Financial Officer
Greg Reid, Chief Operating Officer
Sean Peasgood, Investor Relations